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Oil prices go down on worries

02 March 2009 07:48 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. U.S. oil fell below $44 a barrel on Monday, extending the previous session’s 1 percent decline, on worries the ailing U.S. economy would further dent global growth and damage energy consumption, Reuters reported.
Comments from Iran, the second-biggest producer in the Organization of the Petroleum Exporting Countries, that the producer group was unlikely to cut production again at a meeting this month added further downward pressure on prices.
U.S. crude fell 88 cents to $43.88 by 0241 GMT. The contract snapped a three-day rally on Friday to settle down 46 cents at $44.76.
London Brent crude fell 80 cents to $45.55 a barrel.
Oil was dragged down by persistent worries about the U.S. economy. Data on Friday showed the economy of the world’s largest energy consumer shrank by 6.2 percent in the fourth quarter from a year go, marking the deepest slide since 1982 and outpacing analyst forecasts for a 5.4 percent contraction.
Conflicting signals from some OPEC members on whether the group would reduce output at its March 15 meeting also encouraged the sell-off.
Algerian Energy and Mines Minister Chakib Khelil said it was quite possible that OPEC would cut oil output at its next meeting scheduled for March 15.