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Oil prices dropped 6%

04 November 2008 08:40 (UTC +04:00)

Crude oil was little changed after falling almost 6 percent yesterday as manufacturing in the U.S. contracted in October at the fastest pace in 26 years, signaling weaker fuel demand.
Oil has tumbled 57 percent from a record $147.27 a barrel in July as the U.S. economy shrank in the third quarter by the most since 2001. U.S. crude inventories probably rose last week for a sixth week because of declining demand, a Bloomberg News survey of analysts showed.
Crude oil for December delivery traded 11 cents lower at $63.80 a barrel at 2: 09 p.m. Singapore time on the New York Mercantile Exchange. Earlier today, the contract fell to $63.03, and prices are down 33 percent from a year ago.
Yesterday, futures lost $3.90, or 5.8 percent, to $63.91 a barrel, the biggest drop since Oct. 22. Oil futures declined 33 percent in October, a monthly record, amid a global economic slowdown. The previous record-price drop was in February 1986.
Brent crude oil for December settlement on Londonâ€™s ICE Futures Europe exchange fell as much as 88 cents, or 1.5 percent, to $59.60 a barrel.