Low Graphics Site
 
 
 
 
|
|
|
|
September 10, 2008
|
Wednesday
|
Ramazan 09, 1429
|
Oil price falls below $100
NEW YORK, Sept 9: Brent crude oil slipped below the key level of 100 dollars a barrel on Tuesday for the first time since April 2, sinking as low as 99.30 dollars in London.
The sharp decline in Brent North Sea crude for October delivery came after the Opec chief signalled the cartel would keep its production ceiling unchanged, despite sinking prices and slowing economic growth.
“We are going to stay with the level of production where we are now,” Chakib Khelil told reporters ahead of a formal announcement later in the day.
New York’s main contract, light sweet crude for October, plunged 3.08 dollars to close at 103.26 dollars a barrel.
Oil prices peaked at record high levels above 147 dollars in July, but have fallen to the psychological barrier of 100 dollars, first crossed in early January.—AFP
|
