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Oil prices continue to sink

20 January 2009 08:43 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil fell below $34 a barrel in New York on concern a global recession may deepen after the U.K. bailed out banks for the second time in three months, Bloomberg reported.
Crude oil for February delivery traded at $33.87 a barrel, down 7.2 percent from last weekâ€™s close, in after-hours trading on the New York Mercantile Exchange at 2:30 p.m. Singapore time. The contract expires today. Floor trading was closed for the Martin Luther King Jr. holiday yesterday. Trades then will be booked today for settlement.
The more-actively traded March contract was at $40.27, down 5.4 percent, after falling as low as $40.11 today.
Brent crude oil for March settlement fell as much as 60 cents, 1.4 percent, to $43.90 a barrel on Londonâ€™s ICE Futures Europe exchange. The contract fell $2.07, or 4.4 percent, to $44.50 a barrel yesterday.