Oil prices fell to an 8-month low, below $90 a barrel today; on speculation spreading financial turmoil will exacerbate a global economic slowdown and curb crude demand.
Oil demand in the world's richest countries had already begun to slow since May, before the worst of the financial turmoil hit the US last month.
The drop came as world stock markets plunged amid growing investor anxiety that the US bad debt crisis is enveloping Europe. Germany announced Sunday a bailout package totaling $69 billion for Hypo Real Estate, the country's second-biggest commercial property lender, part of a scramble by European governments to save failing banks.
Investors shrugged off Friday's approval by the US House of Representatives of a $700 billion bailout package to buy bad mortgage debt, aimed at stabilizing the US financial system.
Significant gains by the US dollar against the euro also contributed to slumping oil prices.
Light, sweet crude for November delivery was down $4.69 to $89.19 a barrel in electronic trading on the New York Mercantile Exchange by late afternoon in Singapore.
Oil prices have tumbled nearly 40 percent since peaking in July. The Nymex front-month contract last traded this low in early February.
By midafternoon in Europe, light, sweet crude for November delivery was down $2.68 to $91.20 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, the price fell as low as $88.89 a barrel.
On Friday, the November contract lost 9 cents to close at $93.88 a barrel.
Oil demand in the world's richest countries had already begun to slow since May, before the worst of the financial turmoil hit the US last month.
The drop came as world stock markets plunged amid growing investor anxiety that the US bad debt crisis is enveloping Europe. Germany announced Sunday a bailout package totaling $69 billion for Hypo Real Estate, the country's second-biggest commercial property lender, part of a scramble by European governments to save failing banks.
Investors shrugged off Friday's approval by the US House of Representatives of a $700 billion bailout package to buy bad mortgage debt, aimed at stabilizing the US financial system.
Significant gains by the US dollar against the euro also contributed to slumping oil prices.
Light, sweet crude for November delivery was down $4.69 to $89.19 a barrel in electronic trading on the New York Mercantile Exchange by late afternoon in Singapore.
Oil prices have tumbled nearly 40 percent since peaking in July. The Nymex front-month contract last traded this low in early February.
By midafternoon in Europe, light, sweet crude for November delivery was down $2.68 to $91.20 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, the price fell as low as $88.89 a barrel.
On Friday, the November contract lost 9 cents to close at $93.88 a barrel.
1 comment:
bila agaknya harga minyak akan diturunkan?
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