Business | Oil & Gas
Crude oil falls to below $50 a barrel, lowest in over 3 years
Crude oil fell to the lowest in more than three years in New York on signs that the economy in the US, the world's largest energy consumer, is in a more severe economic slowdown than expected.
- Bloomberg
- Published: 11:34 December 2, 2008
New York: Crude oil fell to the lowest in more than three years in New York on signs that the economy in the US, the world's largest energy consumer, is in a more severe economic slowdown than expected.
Crude oil for January delivery dropped as much as $1.70, or 3.5 per cent, to $47.58 a barrel in after-hours trading on the New York Mercantile Exchange. That's the lowest since May 20, 2005. It was at $47.80 at 2:03 pm. in Singapore. The contract fell $5.15, or 9.5 per cent, to $49.28 a barrel on Monday, the lowest settlement since May 23, 2005.
Oil prices have tumbled 68 per cent since reaching a record $147.27 on July 11 as the US, Europe and Japan face their first simultaneous recession since World War II.
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