Oil prices still remain low

Oil prices still remain low
# 05 December 2008 08:39 (UTC +04:00)
Baku. Vahab Rzayev - APA-Economics. Crude oil is set for its biggest weekly decline since March 2003, trading near a four-year low as the economic contraction and job losses in the U.S. cause a slump in fuel demand, reports Bloomberg.
Crude oil for January delivery was at $44.02 a barrel, up 35 cents, at 1:03 p.m. Singapore time on the New York Mercantile Exchange. Yesterday, futures tumbled $3.12, or 6.7 percent, to $43.67 a barrel, the lowest settlement price since Jan. 5, 2005.
Oil prices have fallen 70 percent since reaching a record $147.27 on July 11. Crude’s weekly drop is the largest since a 24 percent decline during the week ending March 21, 2003.
Brent crude oil for January settlement was at $42.60 a barrel, up 32 cents, on London’s ICE Futures Europe exchange at 1:04 p.m. Singapore time. The contract yesterday fell $3.16, or 7 percent, to $42.28, the lowest settlement since Jan. 5, 2005.
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