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Oil prices fell to $64

27 October 2008 08:54 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. US light crude for December delivery settled US$3.69 weaker at US$64.15 a barrel, after falling as low as US$62.65, its lowest since May 2007.
It has fallen more than US$40 a barrel in a month.
London Brent crude settled down US$3.87 at US$62.05.
Traders said Opecâ€™s action might not be enough to arrest oilâ€™s slide of more than 56 percent from a record US$147 a barrel in July. Drops in motor fuel demand amid the economic downturn have been dramatic.
The Organization of the Petroleum Exporting Countries agreed at an emergency meeting in Vienna to take 1.5 million barrels a day of crude, about 5 percent of its supply, off the world market, effective from Nov.1.