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Oil prices go down

28 November 2008 08:39 (UTC +04:00)

Oil fell in New York on speculation a potential OPEC production cut to support prices may fail to outweigh declining fuel demand amid the global recession, reports Bloomberg.
OPEC members may consider a reduction at their meeting this weekend in Cairo to stabilize the market, Shokri Ghanem, chairman of Libyaâ€™s National Oil Corp., said yesterday. Crude oil futures traded in New York have slumped 63 percent from a record $147.27 a barrel reached on July 11.
Crude oil for January delivery dropped 93 cents, or 1.7 percent, to $53.51 a barrel at 2:13 p.m. Singapore time in electronic trading on the New York Mercantile Exchange. Nymex was open only for electronic trading yesterday because of the U.S. Thanksgiving holiday. Futures closed at $54.44 on Nov. 26 after rising 7.2 percent.
Brent crude oil for January settlement fell as much as 53 cents, or 1 percent, to $52.60 a barrel on Londonâ€™s ICE Futures Europe exchange. It was at $52.80 a barrel at 2:10 p.m. Singapore time. Prices declined 1.5 percent yesterday.