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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Oil prices firm after striking 17-month lows AFP - Wednesday, October 29 LONDON (AFP) - - Oil prices firmed on Tuesday but were not far from recent 17-month low points amid concern that a global economic slowdown would significantly weaken the world's appetite for energy, analysts said. New York's main contract, light sweet crude for December delivery added 48 cents to 63.70 dollars a barrel in electronic deals, after hitting 61.30 dollars on Monday -- a level last seen in May 2007. Brent North Sea crude for December was 13 cents higher at 61.54 dollars. On Monday, the contract had hit to 59.02 dollars, which was the lowest point since February 2007. Despite slender gains on Tuesday, the price of crude oil has collapsed by almost 60 percent in value since striking record highs above 147 dollars per barrel in July on supply concerns. "Oil has hit a 17-month low, on speculation that the global financial crisis may slash fuel demand," said BetOnMarkets analyst David Evans, in reference to Monday's trading. "Oil is down more then 56 percent since its July 11 peak and it seems that prices are heading lower after OPEC cut oil demand projections for 2009. "It seems that the traders that used oil as a hedge against the US economy are now feeling the pain having overlooked the fact that with the world being interconnected, a slowdown in US means a slowdown everywhere else." The Organization of the Petroleum Exporting Countries (OPEC) announced last week that it would cut crude output by 1.5 million barrels per day to 27.3 million bpd starting in November, as the cartel sought to shore up prices. However, the market continued to fall under 60 dollars on Monday, with OPEC's decision to cut supply at a time of global financial turmoil seen as hurting already weak energy demand, dealers said. The strengthening dollar is also a factor behind the fall in oil prices. A stronger greenback makes dollar-priced crude more expensive for buyers holding weaker currencies and therefore tends to dampen demand for oil futures. 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 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 Related Articles: Business Newmont 3Q profits fall 51 percent on higher costsAP - 1 hour 3 minutes ago European stocks up after Dow surgeAP - 1 hour 15 minutes ago China investigates tainted eggs in new food scareAP - 1 hour 17 minutes ago Oil bounces off 17-month lowAP - 1 hour 18 minutes ago Qwest 3Q profit down; will cut 1,200 jobsAP - 1 hour 19 minutes ago Enlarge Photo Oil prices firm after striking 17-month lows Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business 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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