NEW YORK: Crude oil fell below $39 a barrel for the first time since July 2004 on speculation that OPEC didn’t trim production enough to bolster prices as demand drops.Futures have tumbled 74 percent from a record $147.27 on July 11 as inventories increased and consumption declined. The Organization of Petroleum Exporting Countries agreed to cut output by 2.46 million barrels to 24.845 million barrels a day at a meeting yesterday in Oran, Algeria.Crude oil for January delivery fell $1.35, or 3.4 percent, to $38.71 a barrel at 9:12 a.m. on the New York Mercantile Exchange. Futures touched $38.34, the lowest since July 2, 2004.Brent crude oil for February settlement declined 1 cent to $45.52 a barrel on London’s ICE Futures Europe exchange.
News Source:http://thearynews.com
No comments:
Post a Comment