Bank Of Baku

Oil prices drop below $75

Oil prices drop below $75
# 16 October 2008 09:17 (UTC +04:00)
Baku. Vahab Rzayev - APA-Economics. Oil prices closed below $75 a barrel for the first time in nearly 14 months Wednesday after OPEC slashed its 2009 petroleum demand forecast.
Light, sweet crude declined by $4.09 to $74.54 a barrel in New York, and Brent crude fell $3.73 to $70.80 a barrel. The near-month crude contract has now fallen nearly 50% from its all-time high, reached in July.
Gasoline futures dropped 10 cents to $1.78 a gallon, and heating oil was lower by 7 cents at $2.19 a gallon.
The weakness came after OPEC cut its projections for 2008 and 2009 demand, citing the troubles plaguing financial markets and global economies.
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