Page last updated at 12:03 GMT, Wednesday, 24 December 2008

Oil falls back below $39 a barrel

Oil pump, file pic
Oil prices have fallen 74% since July

More bad economic news from the US has sent oil prices falling back below $39 a barrel.

US light, sweet crude for February delivery fell to $38.53 a barrel in electronic trading on Nymex.

Data on Tuesday showed that US new home sales had fallen to a near 18-year low in November.

Bad economic data in the US has been making traders worry about how much the demand for oil will fall in the world's biggest economy.

Attention now turns to the weekly inventories figures from the US Energy Department, which are due out later on Wednesday.

The inventories figures give an indication of how much consumption of oil has declined.

Oil prices have fallen 74% from their peaks in July.

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 iD

Sign in

BBC navigation

Copyright © 2019 BBC. 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