Bank Of Baku

Oil lost further 6.5%

Oil lost further 6.5%
# 07 October 2008 09:20 (UTC +04:00)
Baku. Vahab Rzayev - APA-Economics. Desperate new measures by governments in Europe and North America to stabilize the financial system failed to stop panic selling that swept global markets yesterday amid deepening gloom at the scope of the banking crisis.
Oil dropped more than 6 percent to below $88 a barrel yesterday. US crude settled down $6.07 at $87.81 a barrel after hitting an eight-month low of $87.56. London Brent crude fell $6.57 to settle at $83.68 a barrel.
Prices have dropped by nearly 40 percent from a peak of $147.27 on July 11.
London Brent crude was down $3.86 at $86.39 a barrel.
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