Bourse

Home page

Bourse

Oil prices plunge to one-year low

10 October 2008 08:14 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. Oil prices fell to near 12-month lows below $85 on Thursday as a wider market slide stirred demand concerns and outweighed calls by some OPEC members to cut output to prop up prices.
U.S. crude settled down $2.36 at $86.59 a barrel before dropping to $84.63 -- its lowest level since Oct. 24, 2007 -- in post settlement trade when the Dow Jones industrial average slipped below 9,000.
London Brent crude fell $1.70 to settle at $82.66 a barrel.
U.S stocks fell for a seventh straight session on Thursday, with the Dow sliding below 9,000 for the first time in more than five years, as investors worried recent moves by authorities worldwide to thaw frozen credit markets might not be enough to avert a global recession.
OPEC members Nigeria, Qatar, Libya and Iraq this week floated the idea of a cut in the groupâ€™s oil output amid the slowing demand outlook.