Bank Of Baku

Oil prices continue to drop

Oil prices continue to drop
# 13 November 2008 08:07 (UTC +04:00)
Baku. Vahab Rzayev - APA-Economics. World oil prices continued lower with traders worried by falling demand during the global financial crisis.
Light, sweet crude for December delivery fell nearly 6 percent, or $3.50 to settle $56.16 a barrel on the New York Mercantile Exchange, the lowest closing price since January 2007.
In London, December Brent crude plunged $3.34 to settle at $52.37 on the ICE Futures exchange.
The Department of Energy said its current expectation of future oil prices of $60 to $65 per barrel throughout 2009 assumes that OPEC’s production cut may limit, but not reverse, the recent sharp fall in oil prices.
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