Oil prices are low on markets

Oil prices are low on markets
# 19 November 2008 08:17 (UTC +04:00)
Baku. Vahab Rzayev - APA-Economics. Crude oil traded little changed in New York after falling yesterday on expectations U.S. inventories gained for an eighth week as fuel demand in the world’s largest user declines, Bloomberg reports.
Crude oil for December delivery was at $54.47 a barrel, up 8 cents on the New York Mercantile Exchange. The December future expires tomorrow. The more active January contract was at $54.85 a barrel, up 9 cents.
Oil has dropped 63 percent since reaching a record $147.27 in July. Futures fell 56 cents, or 1 percent, to $54.39 a barrel yesterday, the lowest settlement since Jan. 29, 2007.
Brent crude oil for January settlement was at $51.90 a barrel, up 6 cents on London’s ICE Futures Europe exchange. The contract declined yesterday 47 cents, or 0.9 percent, to $51.84 a barrel, the lowest settlement since Jan. 18, 2007.
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