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Oil prices keep falling

23 December 2008 09:47 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. Crude oil fell for a second day on speculation OPEC will be unable to boost prices as the global recession curbs demand faster than the group can cut production, Bloomberg reports.
Crude oil for February delivery fell 25 cents, or 0.6 percent, to $39.66 a barrel at 10:19 a.m. Sydney time on the New York Mercantile Exchange. Prices have dropped 73 percent from a record $147.27 on July 11. Yesterday, futures lost $2.45, or 5.8 percent, to $39.91 a barrel.
Brent crude oil for February settlement declined $2.55, or 5.8 percent, to settle at $41.45 a barrel on London’s ICE Futures Europe exchange.