Oil falls to 22-month low at USD 55/barrel

Reuters
Posted: Thursday, Nov 13, 2008 at 0845 hrs IST
Updated: Thursday, Nov 13, 2008 at 0845 hrs IST

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Oil hovers below $79 after 3-day slide Oil spikes to USD 81.26 a barrel Oil eases to USD 78.65 a barrel Oil tops $80, highest since Oct 14, 2008

Perth, November 13: : it cut its 2009 oil price forecast to average around $63.50 a barrel.

Analysts said a move by IEA to further cut its oil demand growth forecast later on Thursday could heighten fears among investors.

In the latest sign that China's economy is also being hit by the global downturn, data on Thursday showed Chinese annual industrial output slumped to 8.2 per cent in October, the weakest reading since late 2001, as manufacturers struggled with a drop in export demand and weakness in the domestic property market.

OPEC President Chakib Khelil said on Wednesday that Organization of Petroleum Exporting Countries may cut oil supplies again, possibly as early as at Nov. 29 meeting in Cairo, if prices keep falling and the world economy weakens.

"If the prices continue their decline, most probably OPEC will have to take a further decision on a cut in supply," Khelil said in an interview in Algiers....

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» Deteriorating economy

Posted by A.NATARAJAN on 2008-11-14 05:52:54.445434+05:30
Today the oil price has struck at 55$ per barrel, the lowest in nearly two years. In these two years, the Government has hiked the cost of petroleum products so many times. When the burden of price hike of oil was passed on to the common man, the benefit of reduction should also be passed on to him in the same manner, which will help in the reduction of overall price of essential commodities and also push down the rate of inflation. Our Prime Minister, who is a renowned economist, has made a statement very recently that there is no possibility of any reduction of petroleum products in the near future. Is this stand because the Left parties have withdrawn their support. The Prime Minister should understand the economy today in the deteriorating stage instead of keeping himself busy with the patching up of differences of the UPA partners.

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» Deteriorating economy

Posted by A.NATARAJAN on 2008-11-14 05:40:05.557861+05:30
Gradually the oil prices are coming down over the period and now touched 55$ per barrel. Very recently, our Prime Minister made a statement that there is no possibility of a cut down of Petroleum products. When the burden of hike was passed on to the common man, the benefit of reduction should also be passed on to him, which will go a long way in pushing down the rate of inflation and price of essential commodities. I wonder an eminent economist like our Prime Minister is not thinking on those lines, probably he may be very busy patching up the differences of the UPA partners, which he should realise is at the cost of the economy.

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Oil falls to 22-month low at USD 55/barrel

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