Oil lost further 9% on markets

Oil lost further 9% on markets
# 25 December 2008 10:52 (UTC +04:00)
Baku. Vahab Rzayev - APA-Economics. Crude oil fell below $36 a barrel after a government report showed a bigger-than-expected increase in U.S. supplies of gasoline and distillate fuel, a category that includes heating oil and diesel, reports Bloomberg.
Crude oil for February delivery fell $3.63, or 9.3 percent, to settle at $35.35 a barrel at 1:46 p.m. on the New York Mercantile Exchange. Prices have declined 76 percent from a record $147.27 on July 11.
New York crude-oil futures, which have declined 63 percent this year, are poised for the first annual drop in seven years, as supplies rose and the Organization of Petroleum Exporting Countries failed to cut output quickly enough as demand fell. Brent crude oil for February settlement declined $3.75, or 9.3 percent, to $36.61 a barrel on ICE, the lowest settlement since July 7, 2004.
Nymex and London’s ICE Futures Europe exchange, where Brent oil is traded, will be closed tomorrow.
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