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Oil prices remain low

09 February 2009 08:24 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil traded little changed in New York amid doubts a $780 billion stimulus plan in the U.S. will lead to a rapid recovery in global energy demand.
Crude oil for March delivery was at $40.20 a barrel, up 3 cents, in after-hours electronic trading on the New York Mercantile Exchange at 1:19 p.m. Singapore time.
The contract traded between $38.60 and $42.68 last week and fell 2.4 percent to $40.17 a barrel on Feb. 6. Prices slumped as much as 6.2 percent that day after a report showed unemployment in the U.S. reached its highest since at least 1992.
The prospect of further production cuts by the Organization of Petroleum Exporting Countries and strike action in Nigeria, the fifth-largest supplier of oil to the U.S., failed to push crude beyond its recent trading band.
Brent crude oil for March settlement was trading unchanged at $46.21 a barrel on Londonâ€™s ICE Futures Europe exchange at 1:17 p.m. in Singapore, having dropped 0.5 percent on Feb. 6.
OPEC pumps about 40 percent of the worldâ€™s oil and has cut daily output by 4.2 million barrels since September in a bid to prevent a glut and stem sliding prices.