SINGAPORE - Oil prices fell below US$78 a barrel today in Asia on concern a massive bank bailout by the US and Europe won't keep the global economy from slipping into a severe slowdown that would erode crude demand. Light, sweet crude for next month's delivery was down 98 cents to US$77,65 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract fell overnight US$2,56 to settle at US$78,63. Oil prices have fallen by 47% since peaking near US$150 a barrel in mid-July. "People are worried that the world economy is heading for recession," said Gerard Rigby, an energy analyst at Fuel First Consulting in Sydney. "The bailout may save the banks, but companies are still laying off workers and demand is going to suffer."
SINGAPORE - Oil prices fell below US$78 a barrel today in Asia on concern a massive bank bailout by the US and Europe won't keep the global economy from slipping into a severe slowdown that would erode crude demand.
Light, sweet crude for next month's delivery was down 98 cents to US$77,65 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract fell overnight US$2,56 to settle at US$78,63. Oil prices have fallen by 47% since peaking near US$150 a barrel in mid-July.
"People are worried that the world economy is heading for recession," said Gerard Rigby, an energy analyst at Fuel First Consulting in Sydney. "The bailout may save the banks, but companies are still laying off workers and demand is going to suffer."
So oil might zoom up pretty high pretty fast soon. In the long run, we're all dead. John Maynard Keynes
What the Tehran conference is about is a Petrotrust: which is fundamentally different from a bourse. You can't be me, I'm taken
