Business | Oil & Gas
Oil slips to $37 on falling demand expectations
Oil fell to around $37 a barrel and touched a three-week low on Tuesday as further signs that the world economy is slowing sharply dampened demand expectations.
- Agencies
- Published: 17:47 January 13, 2009
London: Oil fell to around $37 a barrel and touched a three-week low on Tuesday as further signs that the world economy is slowing sharply dampened demand expectations.
US crude fell 73 cents to $36.86 a barrel by 1311 GMT. Prices have fallen by more than $10 in the past week and hit a low of $36.10 early Tuesday. Brent crude was up 17 cents to $43.08 a barrel.
Slumping fuel demand due to the global slowdown sent oil prices down 54 percent last year, and crude is now off more than $110 from its record high of $147.27 a barrel last July.
Oil also fell due to the resumption of Russian gas supplies to Europe - whose disruption helped oil rally back to $50 a barrel at the start of the year.
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
