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Crude oil settles below 60 U.S. dollars

Published: 11/11/2008 05:00

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Crude oil fell 5 percent to settle below 60 U.S. dollars a barrel Tuesday as the global economic slowdown weighed on the energy market.

Graphics shows the price of crude futures in the past 13 months. The price of light, sweet crude oil for December delivery dropped 3.08 dollars to settle at 59.33 dollars a barrel on the New York Mercantile Exchange on Nov. 11, 2008. It is the lowest settlement price since March 2007. (Xinhua/Meng Lijing)

Light, sweet crude for December delivery dropped 3.08 dollars to settle at 59.33 dollars a barrel on the New York Mercantile Exchange. It is the lowest settlement price since March 2007.

The tumbling U.S. stocks weighed on the oil market as investors’ worries over economic conditions worsened. Concerns about slumping energy demand has dragged the oil price about 60 percent down from its record high of 147.27 dollars a barrel reached in July this year.

The dollar rallied against the euro and other major currencies on Tuesday, which also contributed to the slide of the crude oil price.

In London, Brent crude for December delivery fell 3.37 dollars to settle at 55.71 dollars a barrel on the ICE Futures Exchange.

VietNamNet/Xinhuanet

Update from: http://english.vietnamnet.vn//international/2008/11/813237/

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