Oil prices drop to $36

Oil prices drop to $36
# 19 December 2008 09:26 (UTC +04:00)
Baku. Vahab Rzayev - APA-Economics. US crude oil dropped more than 9% to around $36 a barrel yesterday, for the soon-to-expire January futures contract, after Opec’s record output cut failed to lift sliding prices.
West Texas light sweet crude is about $109 off its July peak, shedding value as a global recession erodes demand for petroleum products and other forms of energy.
The January contract, which expires today, settled $3.84 lower at $36.22 yesterday, its lowest price for four years.
With the January contract about to expire, analysts said the February price was a more accurate reflection of the futures market.
In London, February Brent crude fell $2.17 to $43.36 a barrel on the ICE Futures exchange.
#
#

THE OPERATION IS BEING PERFORMED