OIL PRICES FALLING

LONDON, NOVEMBER 12 /SRNA/ - Oil prices on global markets fell by more than one dollar today amid growing hopes for progress in peace talks on the conflicts in the Middle East and Ukraine.

In London, the price of North Sea Brent crude fell by 1.14 dollars, or 1.2 per cent, to 91.62 dollars per barrel.

In New York, the price of light crude fell by 1.04 dollars, or 1.2 per cent, to 85.49 dollars per barrel.

Brent crude rose by 1.4 per cent yesterday, while light crude rose by 0.6 per cent, after both had fallen the previous day to their lowest levels in two months.

"Prices are falling amid expectations that ongoing behind-the-scenes efforts will secure a ceasefire between Russia and Ukraine and prevent an escalation of the conflict with Iran ahead of next week's US-China summit," said Hiroyuki Kikukawa, a market analyst at Nissan Securities Investment.