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Oil prices keep falling

20 November 2008 08:52 (UTC +04:00)

Crude oil fell for a fifth day, approaching $50 a barrel, as the contracting world economy increases concerns that demand for fuels will slow, reports Bloomberg.
Crude oil for December delivery fell as much as 97 cents, or 1.8 percent, to $52.65 a barrel on the New York Mercantile Exchange. It was at $52.75 a barrel at 2:36 p.m. Singapore time. Yesterday, futures touched $52.79 a barrel, the lowest since Jan. 23, 2007.
Brent crude oil for January settlement fell as much as 97 cents, or 1.9 percent, to $50.75 a barrel on Londonâ€™s ICE Futures Europe exchange. It was at $50.80 a barrel at 2:44 p.m. Singapore time. The contract yesterday declined 12 cents to $51.72 a barrel, the lowest settlement since Jan. 11, 2007.
Oil has dropped 64 percent since reaching a record $147.27 a barrel on July 11. Yesterday, December futures fell 77 cents, or 1.4 percent, to $53.62 a barrel, the lowest settlement since Jan. 22, 2007. The more active January futures contract was down 90 cents, or 1.7 percent, at $53.20 a barrel. December futures expire at the close of trading today.