Business | Oil & Gas
Oil prices cut early losses
Oil cut some of its losses to trade around $89 a barrel on Tuesday after the US Federal Reserve took emergency action to help prevent the world's biggest fuel consumer from tipping into recession.
- Reuters
- Published: 00:41 January 23, 2008
London: Oil cut some of its losses to trade around $89 a barrel on Tuesday after the US Federal Reserve took emergency action to help prevent the world's biggest fuel consumer from tipping into recession.
US crude was trading at $89.12 by 1527 GMT, down $1.45 from Friday's settlement.
London Brent crude fell a cent to $87.50 a barrel.
"I would expect oil prices to begin to solidify a little bit just simply from the factor that the rate cuts will weaken the dollar," said Simon Wardell of Global Insight.
"I'm not sure that this is going to be enough to revive people's hopes for the economy over the next few months. You might not see too much of an effect."
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