By European debt, the International Energy Agency (IEA) the possible use of strategic oil reserves and a tropical storm might attack the U.S. Gulf of Mexico and other news, international oil prices tumbled on the 24th.

The same day, the end of the meeting between the heads of Greece, Germany and France. Germany, although said after the meeting and will do everything we can to help Greece, but did not agree to extend the time limit implement austerity plans in Greece and the return of European borrowers. Therefore, on speculation that Greece may exit the euro zone once again let the oil pressure to push oil prices fell.

In addition, the market also weakened investor expectations for a new round of quantitative easing monetary policy. Recently, the optimistic expectations of the investors in the new round of Fed quantitative easing monetary policy has been the main driving force to promote the rise in oil prices. St. Louis Federal Reserve Bank President James Bullard remarks on monetary policy to combat the confidence of investors in the 23rd. In addition, Fed Chairman Ben Bernanke on monetary policy to speak before August 31, investors wait and see mood serious many investors choose profit-taking.

Later in the 24th, reported that the International Energy Agency, the earliest possible release of strategic oil reserves in September, exacerbated by oil price decline.

However, investors' concerns about the supply of oil is still upward momentum to oil prices, to limit the oil price decline. It is reported that Tropical Storm Isaac could strengthen into a hurricane, and could reach the Gulf of Mexico in a few days later. Gulf Coast oil producers, including British Petroleum and Shell Oil Company, including already begun to close the oil exploration and evacuation of personnel. Oil production in the Gulf of Mexico has an important influence on oil prices. In addition, tensions still exist in the Middle East, the confrontation between the West and Iran poses a great threat to the region's oil production and exports.

To close the day, the New York Mercantile Exchange, light sweet crude for delivery in October fell 12 cents to close at $ 96.15 a barrel, down 0.12%. But the whole week is still up 14 cents, rose for the fourth consecutive week.

North Sea Brent crude oil futures for October delivery fell $ 1.42 to settle at $ 113.59 a barrel, down 1.23%, a full week edged down 12 cents. (Yi Yan)