LONDON, Oct 22: World oil prices slumped further from record highs on Monday as a rout on global stock markets ignited worries about a slowdown for crude demand, analysts said.
Meanwhile, Opec member Kuwait forecast lower prices next month as a result of rising output from the oil producers’ cartel.New York’s main futures contract, light sweet crude for delivery in November, shed $1.85 to $86.75 in early afternoon deals. The contract had struck a historic high point of $90.07 on Friday.
London’s Brent North Sea crude for December delivery sank $1.31 to $82.48 on Monday after hitting a record high $84.88 on Thursday.Crude futures had last week powered to record peaks as Turkey moved closer towards a military incursion in northern Iraq. However on Monday Kurdish rebels offered Turkey a conditional ceasefire.As tensions eased in the Middle East, they ran high in Nigeria, which is Africa’s biggest producer of crude oil.
On Sunday, armed rebels attacked an oil rig, owned by the Anglo-Dutch giant Shell, and seized a Briton, Croat, Russian and four Nigerians from the platform, off southern Nigeria, industry and security sources said.Elsewhere Monday, Kuwait’s interim Oil Minister Mohammad al-Olaim said he expected lower oil prices as a result of a boost in Opec output set to take effect next month.—AFP
