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Oil prices go $5.4 down

23 October 2008 08:37 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. Oil prices tumbled below US$67 a barrel to 16-month lows Wednesday after the government reported big increases in United States fuel stockpiles - more evidence that the economic downturn is drying up energy demand.
Light, sweet crude for December delivery fell $5.43 to settle at US$66.75 a barrel on the New York Mercantile Exchange, after falling as low as US$66.20.
It was the lowest close for a front-month contract since June 13, 2007, when crude settled at US$66.26.
On London’s ICE futures exchange, Brent crude fell $5.20 to US$64.52 a barrel.
Despite Opec’s expected reduction in production, oil analysts said crude prices could fall as low at $60 as signs that the world is heading for recession continue to grow.
Opec’s meeting as been brought forward by three weeks, reflecting the 12-nation group’s concern at falling prices.