Business | Oil & Gas
Oil drops as investors worry over drop in demand
Oil fell to $53 on Thursday, as investors displayed concern over a drop in demand for oil spurred by another set of bearish US stocks and oil demand data, erasing some of the 7 per cent gains a day earlier.
- Agencies
- Published: 10:47 November 27, 2008
Singapore: Oil fell to $53 on Thursday, as investors displayed concern over a drop in demand for oil spurred by another set of bearish US stocks and oil demand data, erasing some of the 7 per cent gains a day earlier.
The Dow Jones industrial average has risen 15.6 per cent in the last four days, the largest four-day percentage gain since 1932, as Europe proposed a $200 billion stimulus plan, and China cut interest rates by the biggest margin in 11 years.
US September demand sank to its lowest level for any month in more than a decade.
US light crude for January delivery fell $1.04 to $53.40 a barrel by 0559 GMT, off an earlier low of $53.14, erasing some of the $3.67 gains made on Wednesday.
London Brent crude fell $1.10 to $52.82.
Share this article
More from Oil & Gas
More from Business
Popular in Business
-
XPRESS
Way to go this DSF
A fun-filled route to guide you to all the happening dos in town
Business Editor's choice
-
What to expect at the Dubai Airshow
We preview what types of aircraft to expect at the Dubai Airshow
-
Air Arabia revamps its website
Upgraded site offers new features, accessible in range of languages
-
Dubai looks ahead to 2010 with new projects
Global visitor numbers up 4% on year and occupancy rates remain strong
