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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: Oil price just above 36 dollars, lowest in four years AFP - 1 hour 54 minutes ago SINGAPORE, Dec 19, 2008 (AFP) - World oil traded above 36 dollars on Friday, at its lowest levels in more than four years, after OPEC's announcement of a record production cut failed to rally prices. New York's main futures contract, light sweet crude for delivery in January, traded at 36.36 dollars a barrel in afternoon trade, off its morning low of 36.00. On Thursday the contract dived 3.84 dollars to 36.22 dollars, its weakest finish since July 2004, on the New York Mercantile Exchange. Brent North Sea crude for February delivery gained 52 cents to 43.88 dollars a barrel in the afternoon after slumping 2.17 dollars to settle at 43.36 dollars a barrel on Thursday in London. Prices held reasonably steady as traders did not want to take unnecessary risks in a "crazy market," said Ken Hasegawa, manager of the energy desk of Newedge Japan brokerage in Tokyo. He added traders were watching the market carefully after recent events, and their reluctance might also be due to the expiry later Friday of New York's January futures contract. However, Hasegawa expected buyer interest to return soon. "After the new year, everyone will jump back in," he said. A slowing global economy and resulting fears of weaker energy demand have pulled prices down from record highs of 147 dollars a barrel reached in July. In a bid to shore up prices, ministers of the Organisation of the Petroleum Exporting Countries (OPEC) on Wednesday approved a record output cut of 2.2 million barrels a day, about 7.0 percent of the cartel's output quota. Before the latest cuts, OPEC's official daily output target was 27.3 million barrels a day. Analysts had questioned whether the latest reduction would be sufficient against rapidly falling demand with some of the world's leading industrialised oil consumers -- the United States, Germany and Japan -- already in recession. Others, including China, are experiencing sharp slowdowns. "The verdict (of falling prices) was a resounding vote of no-confidence in the cartel's ability to curtail production given its previous tendencies to backslide on commitments, particularly by countries who are financially strapped," said MF Global oil analyst Ed Meir. OPEC's members produce about 40 percent of the world's crude. Email Story IM Story Printable View Blog This Recommend this article Average (1 vote) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike Oil price just above 36 dollars, lowest in four yearsAFP - 1 hour 54 minutes ago Oil prices slump to more than four-year lows under 38 dollarsAFP - Friday, December 19 GLOBAL MARKETS-Oil and bond yields fall, US dollar reboundsReuters - Friday, December 19 New York oil price falls below $38 a barrelAFP - Friday, December 19 Related Articles: Asia Pacific RPT-GLOBAL MARKETS-Japan bonds rise after rate cut, dollar fallsReuters - 25 minutes ago Philippines appeals for help in probing pig virusAP - 28 minutes ago Chinese manufacturing giant outgrows its cradleAP - 35 minutes ago Taiwan tycoon gives record donation to build cancer hospitalAFP - 55 minutes ago Singapore says 10,000 homes bought via deferred paymentReuters - 55 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Asia Pacific Viewed Oil prices slump to more than four-year lows under 38 dollars Actress Jennifer Aniston appears naked in GQ magazine Ageing L'Oreal heiress defends billion-dollar giveaway US doctors hail near-total face transplant Chrysler halts manufacturing as clock ticks on gov't bailout View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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