World crude oil prices plunged below US$60 per barrel as above-normal temperature prevailed across most of the northern America and the storm-battered outputs and refineries continues. Warmer than usual weather weakened U.S. demand for home-heating fuels.
New York's main contract, light sweet crude for delivery in December, fell to US$59.47 per barrel, the lowest price for a front-month contract since July 26. In London, the price of Brent North Sea crude for December delivery plunged to close at US$58.40 per barrel.
The International Energy Agency on Monday has stated that global energy needs will surge 50% by 2030 and prices will rise if output is not significantly increased.
Approx 17 trillion euros ($20.3 trillion) in new investments is urgently needed to bring oil and natural gas reserves to the consumer market.
08-Nov-05 
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