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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: OPEC cut fails to rally oil price in global downturn AFP - Thursday, December 18 SINGAPORE (AFP) - - Oil traded at four-year lows below 40 dollars Thursday, despite OPEC's pledge of a record output cut, while demand remained weak and the IMF called for moves to boost the slowing global economy. Even the greenback's sharp fall against the yen and the euro was unable to boost crude prices after the oil cartel agreed Wednesday to reduce production by 2.2 million barrels a day. As the yen soared to a 13-year high against the dollar, the Bank of Japan began a two-day policy meeting Thursday and speculation grew that it may follow the United States in cutting interest rates to almost zero. In afternoon trade New York's main futures contract, light sweet crude for delivery in January, was down 41 cents to 39.65 dollars a barrel, off a low of 39.19 dollars. The contract closed at 40.06 dollars a barrel on Wednesday on the New York Mercantile Exchange, a decline of 3.54 dollars. Brent crude oil for February delivery was down 38 cents to 45.15 dollars a barrel, off a low of 45.08, after falling 1.12 dollars to close at 45.53 Wednesday in London. Ministers of the 13-member Organisation of Petroleum Exporting Countries, meeting in Algeria, agreed to the reduction in a bid to shore up prices that have slumped because of falling demand in a slowing global economy since hitting record highs above 147 dollars in July. Analysts questioned whether the latest cuts would be sufficient while some of the world's leading industrialised oil consumers -- the United States, Germany and Japan -- are already in recession. Others including China are experiencing sharp growth slowdowns. Oil prices fell despite a record drop in the US dollar on Wednesday, a day after the US Federal Reserve slashed its base lending rate to 0-0.25 percent. A weak greenback tends to lift the price of dollar-priced oil for buyers using cheaper currencies. "If a plunging dollar and a zero interest rate can't save oil, don't think that OPEC can. The market is bigger than the cartel and the demand destruction is something that will not be cured by trying to raise prices," said Phil Flynn, an analyst at Alaron Trading. "The last thing the world's consumers need is another advance in oil prices," oil analysts Cameron Hanover said. "Any artificial or engineered rise in prices will exacerbate and extend the economic slowdown." The US Fed's interest rate cut brought the cost of borrowing in the world's largest economy to below Japan's 0.3 percent, which for years was the world's lowest level. On Thursday the dollar seesawed against the Japanese unit, falling to 87.16 yen in Tokyo morning trade before rebounding to 87.42, still down from 87.95 late Wednesday in New York. The euro strengthened to 1.4419 dollars from 1.4404, hovering near a level last seen at the end of September. Japan on Thursday gave its strongest hint yet that it may intervene in the markets to bring down the value of the yen. "We think that we need an appropriate and timely response," said Chief Cabinet Secretary Takeo Kawamura, the government's spokesman. The Bank of Japan meeting comes after a round of bigger-than-expected cuts by central banks around the world Wednesday, from Europe and the Middle East to Hong Kong, in the wake of the Fed move. Asian stock markets were mixed on Thursday after a weak performance on Wall Street. Tokyo closed up 0.64 percent and Sydney rose 0.3 percent. Hong Kong was down 0.9 percent at noon. On Wall Street, the Dow Jones index fell by 1.12 percent on Wednesday. On Wednesday John Lipsky, deputy managing director of the International Monetary Fund (IMF), urged action to help battle the global recession. "My primary message is that additional -- and vigorous -- policy action will be needed in order to avoid a serious global downturn," he said in New York. South Korea plans to set up a 20 trillion won (15.4 billion dollar) fund to help banks raise their capital base and access cash during the global credit crisis, the country's financial watchdog said Thursday. Signs emerged Wednesday that the global slowdown is biting deeper when struggling US automaker Chrysler said it would temporarily halt manufacturing for at least a month. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike Kazakh KazMunaiGas may cut 2009 oil outputReuters - 46 minutes ago Oil hovers near 4 1/2-year low despite OPEC cutAP - 1 hour 12 minutes ago Russian oil output will decline as demand fallsReuters - 1 hour 37 minutes ago OPEC cut fails to rally oil price in global downturnAFP - Thursday, December 18 Related Articles: Business India's new oil subsidy plan by mid-Jan - sourcesReuters - 20 minutes ago Euro zone imports and exports fall, outlook grimReuters - 24 minutes ago Jobless claims expected to stay near 26-year highAP - 25 minutes ago Energy, bank stocks lead European shares lowerReuters - 26 minutes ago Turkish lira gains 2 pct, rate cut eyedReuters - 32 minutes ago Enlarge Photo OPEC cut fails to rally oil price in global downturn Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed 'Dark energy' expands, contracts universe: researchers Actress Jennifer Aniston appears naked in GQ magazine Bush laughs off Iraq flying shoes drama US doctors hail near-total face transplant Dollar dives to 13-year low against yen after Fed cut View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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