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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: Brent oil falls below 60 dollars in Asian trade AFP - 2 hours 54 minutes ago SINGAPORE, Nov 4, 2008 (AFP) - Oil dropped below 60 dollars a barrel Tuesday amid concerns over weakening energy demand after data showed US and European economies faced a worsening economic outlook, dealers said. In afternoon Asian trade, Brent North Sea crude for December delivery was down 88 cents to 59.60 dollars a barrel after tumbling 4.84 dollars to settle at 60.48 dollars per barrel in London on Monday. New York's main contract, light sweet crude for December delivery, fell 66 cents to 63.25 dollars a barrel, after dropping 3.90 dollars in US trade. The European Commission warned on Monday that the worst financial crisis for generations has driven the EU economy into recession and growth will come close to a standstill in 2009. The 15 countries sharing the euro have slumped into the first technical recession -- defined by economists as two or more consecutive quarters of contraction -- since the bloc was formed in 1999, the Commission estimated. In the United States, the world's largest energy consumer, manufacturing activity in October fell to its lowest level in 26 years, according to data from the Institute for Supply Management (ISM) on Monday. "The further collapse in the ISM manufacturing index to a 26-year low... confirmed that the US economy is now in a severe recession that will be one of the worst in the post-war era," research house Capital Economics said. This is the steepest fall for the manufacturing index since a recession in 1982 in which the economy shrank by a total of nearly 3.0 percent, it added. Capital Economics said a sharp decline in new export orders suggests much of the decline in demand for US-made goods is coming from overseas, where economies are also hurting from the financial turmoil. "The strength of US exports in recent years, particularly from within the factory sector, has been one of the few bits of good news, helping offset the domestic impact of the housing downturn," it said. "However, this is clearly the next shoe to drop and we suspect that exports will fall sharply in 2009 as many of the world's other economies slide into recession and the dollar continues to strengthen." A strong dollar makes US-made goods more expensive in the international market. Oil prices have slumped since striking record highs above 147 dollars per barrel in July, sparking a large production cut from the OPEC oil producers' cartel last month. But OPEC's decision to slash output by 1.5 million barrels a day from November 1 will not immediately shore up prices, the cartel's chief said Sunday. 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 Brent oil falls below 60 dollars in Asian tradeAFP - 2 hours 54 minutes ago Russian October oil output highest in yearReuters - Tuesday, November 4 Russia cuts oil duty but exporters disappointedReuters - Sunday, November 2 Libyan leader seeks energy deals with RussiaReuters - Sunday, November 2 Related Articles: Asia Pacific Bangladesh eases emergency rules ahead of electionAP - 43 minutes ago RPT-GLOBAL MARKETS-Stocks mostly steady, yen up ahead of US voteReuters - 51 minutes ago 3 bombs in southern Thailand wound 62AP - 55 minutes ago Hunt for missiles after SKorean jets collide: ministryAFP - 56 minutes ago Fresh bomb attack on Thai anti-government protesters: policeAFP - 1 hour 2 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Asia Pacific Viewed Foods to prevent disease? Obama in command on eve of US vote Hamilton pips Massa to Formula One title in tense Brazil finale Formula One driver Hamilton wins 2008 F1 championship Australia anxious as Indonesia prepares to execute Bali bombers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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