Bourse

Home page

Bourse

Oil prices further drop

30 January 2009 08:18 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil in New York was little changed, set for a weekly decline of 11 percent, as concerns about a deeper U.S. recession outweighed OPEC pledges to increase output cuts, Bloomberg reports.
Crude oil for March delivery was at $41.76 a barrel, up 32 cents, at 2:31 p.m. Singapore time on the New York Mercantile Exchange.
Yesterday, March futures fell 72 cents, or 1.7 percent, to settle at $41.44 a barrel in New York. Prices are down 6.5 percent in January, the seventh straight monthly decline, and are 55 percent lower than a year earlier.
Brent crude oil for March settlement was at $45.66 a barrel, up 26 cents, on Londonâ€™s ICE Futures Europe exchange at 12:35 p.m. Singapore time. It yesterday rose 50 cents, or 1.1 percent, to end the session at $45.40 a barrel.