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Oil prices drop

03 March 2009 09:47 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil traded near $40 a barrel after falling 10 percent yesterday on increased signs the deepening global recession will limit fuel demand.
Crude oil for April delivery was at $40.49 a barrel, up 34 cents, in electronic trading on the New York Mercantile Exchange at 11:42 a.m. Singapore time. It earlier fell as low as $39.44.
Yesterday, futures plunged $4.61 to settle at $40.15 a barrel, the biggest one-day drop since Jan. 7. Prices are down 11 percent so far this year.
Brent crude oil for April settlement was at $42.55 a barrel, up 34 cents, on Londonâ€™s ICE Futures Europe exchange at 11:44 a.m. Singapore time. It earlier fell to $41.60 a barrel.
The discount of oil in New York to the Brent grade in London was at $2.06 barrel yesterday. Thatâ€™s less than the $10.67 discount on Feb. 12.