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Oil fell to $91 on world market

17 September 2008 08:39 (UTC +04:00)

Baku. Vugar Mustafayev - APA-Economics. ude oil tumbled, taking its two- day decline to more than $10 a barrel, on concern that turmoil on Wall Street may weaken the global economy and cut fuel demand, Bloomberg reports.
Crude oil for October delivery fell $4.56, or 4.8 percent, to $91.15 a barrel at 2:48 p.m. on the New York Mercantile Exchange, the lowest settlement price since Feb. 7. Prices have dropped 5 percent this year and declined 38 percent from the record $147.27 a barrel reached on July 11.
Brent crude oil for November settlement declined $5.02, or 5.3 percent, to settle at $89.22 a barrel on Londonâ€™s ICE Futures Europe exchange. It was the lowest settlement price since Feb 7. Prices have dropped 14 straight days, the longest stretch since the contract was introduced in 1988.
Gasoline for October delivery dropped 16.06 cents, or 6.3 percent, to settle at $2.4008 a gallon in New York, the lowest since Feb. 13. Heating oil dropped 7.15 cents, or 2.6 percent, to $2.7197 a gallon, the lowest settlement price since Feb. 15.
The Organization of Petroleum Exporting Countries, supplier of more than 40 percent of the worldâ€™s oil, lowered its forecast for 2009 oil demand to 87.66 million barrels a day because of the global economic slowdown.
OPEC needs to study the effects of its production cuts before considering an emergency meeting, Iranâ€™s OPEC governor said today.
OPEC agreed at its meeting in Vienna to a limit for 11 members of 28.8 million barrels a day, about 500,000 barrels a day lower than the groupâ€™s July output. The group is scheduled to meet on Dec. 17 in Oran, Algeria.