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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, demand remains weak in global downturn AFP - 1 hour 24 minutes ago SINGAPORE (AFP) - - Oil traded at four-year lows below 40 dollars Thursday, despite OPEC's pledge of a record output cut, as demand remained weak and the IMF called for moves to boost the slowing global economy. Even the fact that the greenback fell sharply 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 with speculation growing that it may follow the United States in cutting interest rates to almost zero. New York's main oil futures contract, light sweet crude for delivery in January, was down 15 cents at 39.91 dollars a barrel, off a low of 39.19 dollars. The contract closed at 40.06 dollars a barrel on Wednesday at the New York Mercantile Exchange, a decline of 3.54 dollars. Brent crude oil for February delivery rose 17 cents to 45.70 dollars a barrel, off a low of 45.35, after falling 1.12 dollars to close at 45.53 Wednesday in London. Ministers of the 13-member OPEC , 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 Wednesday. "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. Nearly two-thirds of market players are expecting the Japanese central bank to cut rates to a range of zero to 0.1 percent, dealers said. The 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. 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. Meanwhile, signs the global slowdown is biting deeper were shown Wednesday when struggling US automaker Chrysler on Wednesday said it would temporarily halt manufacturing for at least a month. It made the move as demand plunges and it awaits a possible bailout by the federal government, a decision on which US President George W. Bush said Wednesday would be announced "relatively soon". Chrysler , along with Ford and General Motors have appealed for a multi-billion-dollar handout to save the US auto industry. 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 RPT-TOPWRAP 1-Japan seen cutting rates, OPEC cuts don't lift oilReuters - 45 minutes ago OPEC cut fails to rally oil, demand remains weak in global downturnAFP - 1 hour 24 minutes ago OPEC agrees to slash output but oil price sinksAFP - Thursday, December 18 Crude prices tumble despite record OPEC cutsAP - Thursday, December 18 Related Articles: Business Palm Beach pawnshop's business up thanks to MadoffAP - 15 minutes ago British Airways-Qantas merger talks fail: BAAFP - 18 minutes ago Turkey's Ford Otosan suspends output due low demandReuters - 23 minutes ago Australia's CBA raises $1.4 bln, shares diveReuters - 23 minutes ago Hu Jintao pledges open China amid 30-year celebrationAFP - 24 minutes ago Enlarge Photo OPEC cut fails to rally oil, demand remains weak 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 Bush laughs off Iraq flying shoes drama Actress Jennifer Aniston appears naked in GQ magazine OPEC agrees to record cut in oil output: Saudi minister Fed cuts rate to virtually zero, will expand stimulus moves View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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