Oil prices settle below $60

Oil prices settle below $60
# 07 November 2008 08:05 (UTC +04:00)
Baku. Vahab Rzayev - APA-Economics. Crude oil fell below $60 a barrel in New York for the first time since March 2007 as a global economic slowdown cuts demand for fuels, Bloomberg reports.
Oil has dropped 15 percent since Nov. 4, the biggest three- day decline in more than four years. Employers in the U.S., the world’s biggest oil user, likely eliminated 200,000 jobs in October, the 10th consecutive month of declines, a government report out later today may show.
Oil for December delivery declined as much as 80 cents, or 1.3 percent, to $59.97 a barrel on the New York Mercantile Exchange, the lowest since March 22, 2007.
Brent crude oil for December settlement fell as much as 81 cents, or 1.4 percent, to $56.62 a barrel on London’s ICE Futures Europe exchange at 9:23 a.m. Singapore time. The contract yesterday declined $4.44 or 7.2 percent, to settle at $57.43 a barrel, the lowest since Feb. 14, 2007.
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