Page last updated at 15:15 GMT, Monday, 27 October 2008

Oil price dips below $62 a barrel

Nymex oil traders on 24 October

Oil prices have continued to fall on Monday, despite last week's 1.5 million-barrel-a-day cut in production from oil producers' cartel Opec.

US light sweet crude for delivery in December dropped to a 17-month low of $61.30 a barrel before recovering somewhat to trade at $62.42.

London Brent crude fell below $60 a barrel before recovering to $61.32.

The falls have been blamed on worries about how much a global economic slowdown will hit demand for oil.

"The mood is fairly negative reflecting worry about the international economic outlook," said David Moore at Commonwealth Bank of Australia.

"If there is further weak economic data in the US or Europe, prices could come under more downward pressure."

Print Sponsor


RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC navigation

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific