Bourse

Home page

Bourse

Oil prices keep dropping

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

Baku. Vahab Rzayev - APA-Economics. Crude oil for December delivery fell 49 cents to settle at $62.73 a barrel on the New York Mercantile Exchange, the lowest closing price since May 16, 2007.
Brent crude oil for December settlement declined $1.12 to $60.29 a barrel on London’s ICE Futures Europe exchange.
OPEC’s decision last week to trim production for the first time in almost two years failed to stop prices from falling.
Every week this month the U.S. government’s weekly stockpile report has show higher-than-estimated levels of supplies which have added to the downward pressure of the commodity.
While oil prices typically dip in the fall, demand is down about 7 percent for this time of year.