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Oil continues to drop on world markets

17 November 2008 13:01 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. Oil fell for a second day as Japan entered its first recession since 2001 and China’s largest crude producer said demand has declined ``sharply’’, reports Bloomberg.
Crude oil for December delivery dropped as much as $1.44, or 2.5 percent, to $55.60 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $55.83 at 11:11 a.m. in London.
Brent crude for January settlement dropped as much as $1.24, or 2.3 percent, to $53 a barrel on London’s ICE Futures Europe exchange. It was at $53.21 a barrel at 11:06 a.m. London time.
OPEC is likely to wait until December before cutting output again, the group’s president, Chakib Khelil, said in Algeria yesterday. Saudi Arabia, the world’s biggest oil producer and OPEC’s largest member, will help alleviate global financial stress by maintaining stable oil markets, King Abdullah said after the meeting of Group of 20 leaders in Washington Nov. 15.
Iran, OPEC’s second-largest producer, may seek a production cut of as much as 1.5 million barrels a day when the group meets in Cairo later this month, the Associated Press reported Nov. 15, citing televised comments by the nation’s OPEC Governor Mohammad Ali Khatibi.