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Read more with google mobile : Oil tumbles below $40 for first time since 2004

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 tumbles below $40 for first time since 2004 By CHRIS KAHN,AP Energy Writer AP - Thursday, December 18 Oil prices tumbled below $40 for the first time since the summer of 2004 Wednesday despite an announcement from OPEC of a record production cut of 2.2 million barrels a day. The drop shows that even the mighty Organization of Petroleum Exporting Countries has little sway over a growing global recession, analysts said. Crude prices are down more than 72 percent from their summer peak of $147 a barrel, yet tankers continue to idle in the Gulf of Mexico and other ports waiting for buyers. "There's just so much oil in inventory out there right now," said Michael Lynch, president of Strategic Energy & Economic Research. "Nobody wants to buy this stuff." Markets had already priced in a vastly reduced flow of oil and traders focused instead on troubling economic data that points to a long and severe recession. Light, sweet crude for January delivery tumbled 8 percent, or $3.54, to settle at $40.06 on the New York Mercantile Exchange. Benchmark crude prices fell as low as $39.88, a price last seen in July 2004. OPEC had already announced cuts totaling 2 million barrels earlier this year, also with little effect. The unprecedented production cuts and the market reaction show just how fast energy demand has fallen during the worst economic downturn in at least a generation. "You've got a commodity that people are buying less of because they can't afford to buy more," said Phil Flynn, an analyst at Alaron Trading Corp. "People are fearful. They have a lack of confidence in the economy. They're closing their factories." Lynch said global demand has slowed to its worst point since the early 1980s. Economists previously thought China and other developing countries were impervious to a global recession, he said. "Now it's pretty clear that things are going to be bad everywhere," Lynch said. U.S. gasoline inventories continued to rise, the government reported, providing further evidence of a major pullback by American motorists. Demand for gasoline over the four weeks ended Dec. 12 was 2.7 percent lower than a year earlier. Grim economic news radiates out of the U.S., Europe and Asia almost daily as consumers and industries pull back on spending. The Cooper Tire and Rubber Co. said Wednesday it will cut 1,300 jobs and close a plant in Georgia. Newell Rubbermaid Inc. is reducing its salaried work force by as much as 10 percent. The Atlanta-based company slashed its fourth-quarter and full-year profit guidance Wednesday. In Detroit, General Motors Corp. put the brakes on construction of an engine factory trying to hold on to the cash that it has left. Meanwhile, the dollar suffered its biggest one-day decline against the euro after the Federal Reserve cut a key lending rate target to historic lows. That would typically lead more investors into the crude market because oil is bought and sold in dollars and you can get more bang for the buck. But investors in this harsh economic climate are holding onto their wallets like never before, betting there's not enough global demand to support higher crude prices, said Gene McGillian, an analyst at Tradition Energy. "Oil prices should be a lot stronger," McGillian said. The last time oil prices dipped below $40 a barrel was July 21, 2004. Prices settled that day at $40.09, according to Peter Beutel, an oil analyst at Cameron Hanover. Many analysts believe oil prices will continue falling next year with agencies ranging from the U.S. Department of Energy to the International Energy Agency forecasting weak demand. IHS Global Insight Chief Economist Nariman Behravesh was among the industry experts forecasting lower prices for oil. "Oil prices will (easily) fall below $40 per barrel in the next year, and could tumble all the way to $30," Behravesh said in a research note. "With the economic outlook deteriorating by the day, futures markets for commodities have not priced in the full extent of the 'demand destruction' taking place." Doubts also remain about the willingness of some OPEC members to adhere to price-boosting production quotas. "OPEC has lacked credibility for a long time on discipline," said Gerard Rigby, energy analyst at Fuel First Consulting in Sydney. "OPEC is going to have to show they are committed to the cut, that it's not just talk." U.S. crude inventories rose slightly last week despite expectations for a drop, while gasoline reserves increased as demand stayed below year-ago levels, according to government data released Wednesday. Analysts had expected a drop of 900,000 barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. Gas prices, because it must be refined from crude, almost always lags the movement in oil prices. Retail gas prices, which hit a low of $1.656 a gallon on Friday, rose to $1.667 a gallon Wednesday, according to auto club AAA, the Oil Price Information Service and Wright Express. In London, February Brent crude rose 97 cents to settle at $45.53 a barrel on the ICE Futures exchange. In other Nymex trading, gasoline futures fell 3.45 cents to settle at $1.0055 a gallon. Heating oil fell 1.77 cents to $1.4425 a gallon while natural gas for January delivery fell 15.2 cents to settle at $5.619 per 1,000 cubic feet. ___ Associated Press writers Pablo Gorondi in Budapest, Alex Kennedy in Singapore and George Jahn in Oran, Algeria, contributed to this report. 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 Crude prices tumble despite record OPEC cutsAP - 49 minutes ago Venezuela to cut oil output by 189,000 barrelsAP - 1 hour 32 minutes ago Oil tumbles below $40 for first time since 2004AP - Thursday, December 18 Meltdown 101: Why OPEC moves aren't hitting pricesAP - Thursday, December 18 Related Articles: Business StanChart says rights issue 96.95 pct subscribedReuters - 26 minutes ago Court refuses to oust Illinois governorReuters - 28 minutes ago Japan Hot Stocks-Honda, Panasonic, SanyoReuters - 32 minutes ago S.Korea c.bank to lend banks $4 bln via Fed lineReuters - 32 minutes ago Argentine Senate approves takeover of airlineAP - 35 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed 'Dark energy' expands, contracts universe: researchers Bush laughs off Iraq flying shoes drama Actress Jennifer Aniston appears naked in GQ magazine Fed cuts rate to virtually zero, will expand stimulus moves OPEC agrees to record cut in oil output: Saudi minister View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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