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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: New York oil price slumps to new 4.5-year low at $35.62 AFP - 2 hours 49 minutes ago LONDON (AFP) - - The price of New York crude oil sank on Friday to 35.62 dollars, the lowest point for four and a half years, as prospects of weak global energy demand overshadowed this week's record OPEC output cut, traders said. At about 0930 GMT on the New York Mercantile Exchange (NYMEX), light sweet crude for delivery in January tumbled as low as 35.62 dollars a barrel, which was last seen on June 29, 2004. "The global recession continues to sap demand," said BetOnMarkets analyst David Evans. "Even after OPEC cut production by more then two million barrels, oil prices have fallen below the 40 dollar per barrel level. "Prices are likely to stabilise between the 35 and 40 dollar levels." The Organisation of the Petroleum Exporting Countries (OPEC), which produces about 40 percent of the world's crude, agreed on Wednesday to cut its daily output quota by 2.2 million barrels a day. But the move failed to prevent oil diving to multi-year low points as traders also questioned whether all members of the 13-nation OPEC cartel would fully enforce the reduction. 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 New York oil price slumps to new 4.5-year low at $35.62AFP - 2 hours 49 minutes ago Oil price just above 36 dollars, lowest in four yearsAFP - Friday, December 19 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 Related Articles: World Obama takes a break after cabinet plauditsAFP - 12 minutes ago Mark Felt, Watergate's `Deep Throat,' dies at 95AP - 46 minutes ago Yemeni mediators say 3 German hostages releasedAP - 49 minutes ago Youths attack French Institute in AthensAP - 54 minutes ago Russia to abandon missile plans 'if US drops shield'AFP - 55 minutes ago Enlarge Photo An attendant wearing Santa Claus caps fills up a jeepney at a service station in Manila. The price of New York crude oil has sunk to $35.62, the lowest point for four and a half years, as prospects of weak global energy demand overshadowed this week's record OPEC output cut Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – World 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 Global economy seen sinking into 'severe' 2009 recession: report 'Orderly' bankruptcy mulled for US carmakers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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