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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: Oil prices drop as weak demand bites AFP - 48 minutes ago LONDON (AFP) - - Oil prices fell on Monday as the market continued to be worried by weak energy demand across the globe, traders said. New York's main contract, light sweet crude for delivery in February, dropped 71 cents to 35.80 dollars a barrel. The February contract expires at the close of trade Monday, to be replaced by the March contract currently at 41.96 dollars a barrel. In London, Brent North Sea crude for March slid 68 cents to 45.09 dollars a barrel. Last week both the Organization of the Petroleum Exporting Countries (OPEC) cartel and the International Energy Agency, energy policy adviser to major industrialised countries, lowered their demand forecasts for this year. OPEC, whose member nations together pump about 40 percent of world crude, would consider further cuts to oil production if prices continued to fall, Algerian Energy Minister Chakib Khelil said Saturday. Another cartel member, Venezuela, said at the weekend that it was prepared to reduce its oil production in a bid to boost prices. "Only when OPEC has implemented large-scale cuts will prices start to recover," Macquarie Research said in a report. It said the cuts would have to reach 3.0 to 3.5 million barrels per day, and said prices should start to recover in the second half of this year. During the first six months, prices should range between 40 and 50 dollars a barrel on the assumption that world oil consumption would fall and high stock levels would continue, Macquarie said. 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 Oil prices drop as weak demand bitesAFP - 48 minutes ago Oil in narrow trading range in AsiaAFP - Monday, January 19 Gazprom Neft chief says could cut capex by 45 pctReuters - Saturday, January 17 US STOCKS-Energy shares lift Wall St, but BofA slipsReuters - Saturday, January 17 Related Articles: Business Singapore's K-REIT announces S$1 bln medium-term noteReuters - 40 minutes ago Oil prices drop as weak demand bitesAFP - 48 minutes ago Indian swaps steady; traders seek rate cuesReuters - 51 minutes ago Russia's Wimm-Bill-Dann secures credit lineReuters - 52 minutes ago China's Baosteel raises March prices after Feb hikeReuters - 1 hour 2 minutes ago Enlarge Photo Oil prices drop as weak demand bites Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed 'Overwhelming emotion' at star-studded inaugural concert Zimbabwe unveils $100 trillion banknote 'Dogs don't wear condoms,' says Baywatch star Anderson Faulty gene condemns millions in India to heart disease: study Hamas announces one-week truce after Israel ceasefire View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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