Oil falls to lowest in more than three years

4-Dec-2008

NEW YORK — Crude oil fell to the lowest price in more than three years on signs the US, the world’s largest energy consumer, may be in the longest slump since the Second World War. Courtesy:Bloomberg


Fuel demand has dropped as the US economy slowed. The US first entered a recession in December last year, the panel of economists that dates American business cycles said yesterday. Prices are also lower because Organisation of Petroleum Exporting Countries (Opec) ministers put off debate on a second cut in output in as many months during a meeting last week.

Source: PETROLEUM BAZAAR