Oil price keep falling on world markets
12:04 / 27.10.2009 Crude oil traded below $79 a barrel after falling the most in a month as the dollar rose, reducing investor demand for commodities to hedge against inflation, Bloomberg reported. Oil also declined as a surge to a one-year high of $82 a barrel last week increased prices at a faster pace than a recovery in demand. OPEC may boost production targets at its meeting in December as prices climbed above $75, the group’s president said.
Crude oil for December delivery was at $78.82 a barrel, up 14 cents, at 12:28 p.m. Singapore time. Yesterday, it dropped $1.82, or 2.3 percent, to close at $78.68 a barrel on the New York Mercantile Exchange, the biggest decline since Sept. 24 and the lowest settlement since Oct. 16. Prices have gained 76 percent this year and reached $82 a barrel on Oct. 21. The dollar was near a one-week high versus the euro, trading at $1.4872 per euro at 11:47 a.m. in Tokyo from $1.4876 yesterday in New York. The greenback reached $1.5063 yesterday, the weakest level since August 2008.
Brent crude oil for December settlement was at $77.31 a barrel, up 5 cents, on the London-based ICE Futures Europe exchange at 12:28 p.m. Singapore time. Yesterday it declined $1.66, or 2.1 percent, to end the session at $77.26 a barrel.Bu yazı ( 290 ) - dəfə oxunmuşdur
