A man fills up at a gas station in
Charlotte, North Carolina, September 29, 2008. (Xinhua/Reuters
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NEW
YORK, Nov. 20 (Xinhua) -- 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 low 40 dollars in the next few weeks," Turner said.
VIENNA, Oct. 24 (Xinhua) -- In the face of the ongoing
global financial crisis, it has proved difficult for the Organization of the
Petroleum Exporting Countries (OPEC) to sustain oil prices by cutting the
output, observers say. Full story
ALGIERS, Nov. 13 (Xinhua) -- The Organization of Petroleum
Exporting Countries (OPEC) Thursday said it will announce further oil output cut
at the end of this month if global oil prices continue falling down, Algerian
news agency APS reported.
Algerian Minister of Energy and Mines Chakib Khelil, who
is also OPEC's current rotating president, told reporters here that OPEC members
will meet in Cairo on Nov. 19 to discuss the oil output cut on the sideline of
the meeting of Organization of Arab Petroleum Exporting Countries (OAPEC). Full story
WASHINGTON, Nov. 18 (Xinhua) -- U.S. Treasury Secretary
Henry Paulson expressed his reservations Tuesday to use the 700 billion dollar
rescue package to help struggling auto makers.
"We needed the financial rescue package so we could
intervene, stabilize our financial system, and minimize further damage to our
economy," Paulson told a hearing of the House Financial Services Committee. Full story
NEW YORK, Nov. 14 (Xinhua) -- Crude futures tumbled Friday
after the U.S. government released worse-than-expected retail data.
The Commerce Department reported Friday that retail sales
plunged 2.8 percent last month. The data refreshed investors' worries that
cutbacks in spending could curb energy demand despite OPEC may cut output again.
Full story
