Oil near lowest in nearly 4 years at below $44

Singapore: The price of oil was below $44 on Friday, near its lowest level in almost four years.

Prices have lost nearly 20 per cent from their settlement a week ago, and are on course for their steepest weekly decline since March 2003.

US light crude for January delivery rose 9 cents to $43.76 a barrel, having lost more than 6 per cent on Thursday to settle at $43.67, the lowest since January 5, 2005.

London Brent crude rose 3 cents to $42.31.

The price fall to nearly four-year lows has prompted members of the Organization of the Petroleum Exporting Countries to call for increasingly strong action.

Opec members are meeting in Algeria on December 17 to discuss the viability of further cuts in oil production.