News

Global Oil Prices Fall

 
Global oil prices fell Monday as investors apparently interpreted the bankruptcy of a major U.S. investment bank as a signal that the global economy could slow down, cutting demand for oil.

Prices were also pushed down by reports that Hurricane Ike did only limited damage to key U.S. oil producing and refining facilities.

In electronic trading in New York, the price of oil for future delivery was down more than $7, putting the price of a barrel of oil at $94.13.

That is the lowest price since February, and a drop of one-third since the record-high recorded in July.

Another benchmark oil price, Brent crude, fell even lower.

Some information for this report was provided by AFP, AP and Bloomberg.

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Feature Story

Adnan, 8, whose family fled from the military offensive against Pakistani militants in North Waziristan, sells ration packs that were collected by his family from a distribution point for internally displaced persons in Bannu,Khyber-Pakhtunkhwa province,

US: Pakistan's Offensive Pushes Out Haqqani Network

Top American diplomat says counterinsurgency operation in North Waziristan has displaced many civilians, so US will continue to provide humanitarian assistance More