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Oil down 50pc from July high

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London Telegraph
Thursday, Oct 16, 2008

Oil prices fell for a third day on growing evidence of a global slowdown, with a barrel of Brent crude down more than 50pc on its July peak of $147.

Oil has followed movements in equity markets this month and with share prices in London down 3pc just before lunch, the price of a barrel slid more than $3 to $67.62.

Tightening credit has eroded demand and pushed prices down 18pc from a year ago, and 51pc from the record $147.27 a barrel reached on July 11.

(Article continues below)

Oil down 50pc from July high  161008pptv1

The Organization of Petroleum Exporting Countries yesterday cut its forecast for demand next year by 450,000 barrels a day, or 0.5 pc, to 87.2m barrels a day because of “dramatically worsening” financial market conditions.

“Demand not just for energy but across all consumer products is going to be hit,” said Jonathan Kornafel, a director for Asia at Hudson Capital Energy in Singapore.

  • A d v e r t i s e m e n t

“That’s just going to export recession to Asia and the manufacturing economies. Next year is not going to be pretty.”

Full article here


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