Oil Drops Below USD 55 amid Slowing Global Demand

Business | November 13, 2008, Thursday // 00:00| Views: | Comments: 0
Oil Drops Below USD 55 amid Slowing Global Demand: Oil Drops Below USD 55 amid Slowing Global Demand Oil dropped to a 22-month low under USD 55 on Thursday due to slowing global demand. File photo

Oil dropped to a 22-month low under USD 55 on Thursday as the economic slump is further eroding demand for fuels.

US crude futures was down a cent at USD 56.15 by 1136 GMT, recovering from a session low of USD 54.67, which was the weakest level since January 30, 2007.

On Thursday, the International Energy Agency in a monthly report slashed its global oil demand forecast for next year and said this year's increase in consumption had been the slowest since 1985.

The agency predicted demand would expand next year by only 350,000 barrels per day (bpd), down 340,000 bpd from its forecast in last month's report.

Oil has lost more than 60% of its value since hitting an all-time high above USD 147 a barrel in July.

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