Crude oil dips below US$60 : levels unseen since March 2007

12-Nov-08

Despite signs from OPEC of another output cut if prices keep falling and amid signs of slowing demand from China, oil prices have dropped to price levels unseen since March 2007. US crude futures have dipped below US$60 a barrel as the declining equity markets and strengthening dollar vs the euro, have intensified apprehensions about oil demand. December crude dipped by over 3 dollars to US$59.30 on the NYMEX, falling by 60.4% or US$88.95 from the record highs of US$147.27 peaked on July 11. December Brent has dipped to US$$55.71 - the lowest settlement since Jan. 29, 2007.