The Hot Zone
China's newly announced air defense identification zone over the East China Sea aims to shore up national security
Current Issue
· Table of Contents
· Editor's Desk
· Previous Issues
· Subscribe to Mag
Subscribe Now >>
Expert's View
Market Watch
North American Report
Government Documents
Expat's Eye
Photo Gallery
Reader's Service
Learning with
'Beijing Review'
E-mail us
RSS Feeds
PDF Edition
Reader's Letters
Make Beijing Review your homepage
Hot Links

cheap eyeglasses
Market Avenue

Special> Global Financial Crisis> Latest
UPDATED: November 21, 2008
Crude Oil Settles Below 50 Dollars

Crude oil fell to lowest level in more than three years below 50 U.S. dollars a barrel on Thursday as global economic downturn pared energy consumption.

Light, sweet crude for December delivery dropped 4 dollars to settle at 49.62 dollars a barrel on the New York Mercantile Exchange. Price slid to as low as 48.64 dollars a barrel, the lowest level last seen in May 2005.

In London, Brent crude for January delivery fell 2.17 dollars to 49.55 dollars a barrel on the ICE Futures Exchange.

"The price of oil continues to demonstrate weakness as the commodity has decisively violated the psychologically important price level of 50 dollars per barrel," Wall Street Strategies' senior research analyst Conley Turner told Xinhua. "At this juncture, the oil patch and oil related securities appear to present a lot of value to investors."

With economic growth in United States, Japan and Europe contracting, global oil demand is heading for the first annual decline in 25 years. Oil prices have lost nearly 66 percent since record high of 147.27 dollars a barrel reached in mid-July.

"However, this does not mean that it cannot get any cheaper," Turner said. "At this juncture, oil traders are following the stock market in the serve correction that is unfolding."

U.S. stocks tumbled Thursday as the Labor Department reported a highest jobless level in 16 years and Citigroup Inc's shares shed another 25 percent as investors questioned the bank's ability to withstand billions of additional loan losses in 2009.

Libya's top oil official told press on Thursday that OPEC may decide to take an another production cut at its meeting in Cairo next week.

But many analysts doubt if the OPEC supply cut can stable the oil price as its previous decision to reduce output had little impact.

"Below 49 dollars per barrel, oil is likely to trade in the low40 dollars in the next few weeks," Turner said.

(Xinhua News Agency November 21, 2008)

Top Story
-Protecting Ocean Rights
-Partners in Defense
-Fighting HIV+'s Stigma
-HIV: Privacy VS. Protection
-Setting the Tone
Most Popular
About BEIJINGREVIEW | About beijingreview.com | Rss Feeds | Contact us | Advertising | Subscribe & Service | Make Beijing Review your homepage
Copyright Beijing Review All right reserved