Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Shimon Peres: 'a man of many faces'

Read more

THE DEBATE

The Legacy of Shimon Peres: The last of Israel's founding generation (part 1)

Read more

THE DEBATE

The Legacy of Shimon Peres: What's left of the Oslo Accords? (part 2)

Read more

THE INTERVIEW

Ex-CIA director 'very worried' by prospect of Trump presidency

Read more

FACE-OFF

Migrant crisis: A political football in France?

Read more

FOCUS

Will France repatriate its collection of 19th century Algerian skulls?

Read more

ENCORE!

Film show: 'The Dancer', 'Aquarius' and 'Dogs'

Read more

MIDDLE EAST MATTERS

War in Syria: Residents recount ordeal of life in Aleppo

Read more

IN THE PAPERS

Shimon Peres’ Quixotic battle for Israeli-Palestinian peace

Read more

Oil prices sink to new record

Latest update : 2008-12-11

In a couple of days, OPEC will decide whether to cut oil production. Meanwhile crude prices on the New York market were down to 66.20 during the day, a price-low that was last reached in June 2007.

Crude oil prices careened lower Wednesday on news of surging US energy reserves that highlighted falling demand in a cooling global economy gripped in a credit squeeze.

A sharp rise in the dollar also put pressure on the dollar-priced commodity, making it more expensive for buyers using relatively weaker currencies.

Brent crude oil plunged five percent, to a 16-month low below 65 dollars a barrel.

In London, Brent North Sea crude for December delivery fell to 64.59 dollars, its lowest level since May 9, 2007.

New York's main contract, light sweet crude for December, slid to 66.73 dollars a barrel, a low last seen on June 14, 2007.

Date created : 2008-10-22

COMMENT(S)