Oil settles at 22-month low

Oil settles at 22-month low
# 18 November 2008 08:53 (UTC +04:00)
Baku. Vahab Rzayev - APA-Economics. Crude futures closed at their lowest level in 22 months Monday, after an erratic trading session that took prices to a high near $59 per barrel, with energy demand under fresh scrutiny following a climb in U.S. industrial output and data showing that the Japanese economy has fallen into recession.
Crude oil for December delivery fell $2.09, or 3.7 percent, to $54.95 a barrel at 2:42 p.m. on the New York Mercantile Exchange.
Brent crude oil for January settlement declined $1.93, or 3.6 percent, to settle at $52.31 a barrel on London’s ICE Futures Europe exchange.
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