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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Top Stories Full Coverage Most Popular Photos Search Search: Oil prices plummet to $61 dollars, despite OPEC output cut AFP - Saturday, October 25 LONDON (AFP) - - Oil prices plunged to the lowest points for 17 months on Friday, as recession fears sparked renewed demand concerns, despite news that OPEC will cut oil output by 1.5 million barrels per day. Brent North Sea crude for December delivery slumped to 61.00 dollars per barrel, the lowest point since March 2007. New York's main contract, light sweet crude for December delivery, tumbled to 62.85 dollars a barrel, which was last seen in May 2007. "Recession fears and uncertainty continue to haunt global markets, while tight credit conditions threaten new energy projects all over the world, which could cause a price spike in the longer run," said Sucden analyst Nimit Khamar. "However, crude futures could benefit from a supply cut by OPEC in the longer run," he added. The Organization of the Petroleum Exporting Countries said Friday that they would slash output from November 1 in an attempt to stabilise plunging oil prices, despite a looming worldwide recession. Analysts had expected OPEC to cut its daily output by at least one million barrels per day as a global economic slowdown amid a worsening financial crisis slashes demand for energy. In later trade on Friday, New York crude was 4.59 dollars lower at 63.25 dollars per barrel and Brent oil slid 4.30 dollars to 61.62. "Crude oil is heading lower again... on fears that the (OPEC) cut might not be sufficient to compensate the shortfall of demand due to a global recession," said Dresdner Kleinwort analyst Peter Fertig. Global stock markets plunged on Friday, with London losing more than nine percent as it struck a five-year low on news that Britain's economy shrank in the third quarter, placing it perilously close to a recession. OPEC, which produces 40 percent of world crude, announced a cut to production in a bid to support crude prices which "have witnessed a dramatic collapse -- unprecedented in speed and magnitude," according to an official statement. Crude futures in London and New York have plunged close to 60 percent from record highs of above 147 dollars a barrel reached only three months ago when supply concerns sent prices soaring. The crude market was also dampened as the dollar strengthened against the euro and pound. A stronger US unit tends to sap demand for dollar-priced crude, which becomes more expensive for buyers holding weaker currencies. The euro fell to a two-year low under 1.25 dollars on Friday and the British pound sank to a six-year trough against the US unit as evidence mounted of slowing economic growth in Europe. The pound sank to 1.5269 dollars, which was the lowest point since August 2002. British Prime Minister Gordon Brown said on Friday that he was "disappointed" by OPEC's decision to cut production and urged oil producers to show a responsible attitude in the current crisis, his spokesman said. "We are disappointed by the decision," Brown's spokesman said. "OPEC needs to consider the impact that the decision will have on the world economy. "The current economic crisis affects us all and we should all take responsibility not to undermine efforts that have been made to stabilise the economy." The oil cartel's president Chakib Khelil said the production cut would not hurt the global economy. 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 Gas exporters postpone Moscow Nov summitReuters - Wednesday, October 29 Oil prices firm after striking 17-month lowsAFP - Wednesday, October 29 China's CNOOC Q3 revenue up 69 pct on higher oil priceReuters - Wednesday, October 29 Oil falls below $63 as investors eye weak demandAP - Tuesday, October 28 Enlarge Photo Oil rigs in Taft, California, July 2008. Oil prices plunged to the lowest points for 17 months on Friday, as recession fears sparked renewed demand concerns, despite news that OPEC will cut oil output by 1.5 million barrels per day. Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Top Stories Viewed When men see red, they see hot: study World's fattest man weds friend's widow Desperate pleas end in despair as starlet's nephew found dead Markets rebound ahead of key US meeting Australian central bank intervenes as dollar falls again View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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