Don't miss

Replay


LATEST SHOWS

FOCUS

How Senegal is leading the fight against AIDS in West Africa

Read more

EUROPE NOW

A year of crucial elections in Europe

Read more

ENCORE!

Music show: Blues legend Lucky Peterson & Lollapalooza Paris

Read more

EUROPE NOW

One year after Brexit, where is the EU headed?

Read more

BUSINESS DAILY

Oil-producing nations meet as cracks emerge in production deal

Read more

THE WORLD THIS WEEK

Head of French armed forces quits; Six months of President Trump

Read more

IN THE PAPERS

Man vs Shark: Michael Phelps loses 'race' to great white

Read more

IN THE PAPERS

Chris Froome 'almost' among the greats with fourth Tour de France win

Read more

EYE ON AFRICA

International Francophone Games kick off in Abidjan

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)