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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: Oil prices end volatile year below 40 dollars AFP - 1 hour 9 minutes ago LONDON (AFP) - - Oil prices fell under 40 dollars on Wednesday at the end of a tumultuous 2008 which saw prices hit record peaks before plunging to multi-year lows. Brent North Sea crude for delivery in February fell 1.15 dollars to 39 dollars a barrel in morning trade on London's InterContinental Exchange. New York's main contract, light sweet crude for February, slid 1.19 dollars to 37.84 dollars. Prices soared in the first half of the year on fears of supply disruptions, reaching record highs above 147 dollars in July, before a sharp global economic downturn slashed world demand for energy and pulled prices sharply lower. New York crude plunged earlier this month to below 33 dollars, its lowest point for almost five years. "The market had a pretty torrid few months ... a hell of a lot of uncertainty," said Mark Pervan, senior commodities analyst at ANZ bank. With recession curbing the world's appetite for energy, prices risk slumping further in 2009, according to analysts. Pervan said he expected prices to fall a little lower in January before bottoming out in February and rising in March or April. "There is no quick fix, quick recovery in the near term," said the energy market analyst. 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 Oil prices end volatile year below 40 dollarsAFP - 1 hour 9 minutes ago Libya orders oil cuts of 270K bpdAP - Wednesday, December 31 Venezuela tells India's ONGC it must cut outputReuters - Wednesday, December 31 Oil prices flat despite conflict in Middle EastAP - Tuesday, December 30 Related Articles: Business December consumer confidence drops to all-time lowAP - 22 minutes ago Iraq offers up giant oilfields to foreign firmsReuters - 25 minutes ago Gazprom calls for political intervention in gas rowReuters - 26 minutes ago China says approves issuance of 3G licencesReuters - 28 minutes ago Syndicate Bank to sell 1.5 bln rupees of perpetual bondsReuters - 29 minutes ago Enlarge Photo Oil prices end volatile year below 40 dollars Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed Japanese tourist spends 3 months in Mexico City airport Actress Jennifer Aniston appears naked in GQ magazine Two thousand and strange: offbeat stories of the year US throws $6bln lifeline to GMAC Defiant governor fills Obama's senate seat despite graft scandal View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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