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October 16, 2008
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Thursday
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Shawwal 16, 1429
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Oil price hits 13-month low
NEW YORK, Oct 15: Oil tumbled on Wednesday, touching 13-month lows on expectations that the deepening economic slowdown will cut into already weakening demand.
US crude fell $3.00 a barrel to $75.63 by 1755 GMT, after sliding to $74.57, the lowest since September 2007 and down nearly 50 per cent since hitting a record over $147 in July.
Slumping demand in the United States and other developed economies, as well as a flight of investors from oil to safer havens, has sent oil tumbling from July’s record.
“The fall in crude futures prices today reflects movement in the stock market, which mirrors fears about a recession that will cut into demand for crude oil,” said Joe Possillico, broker for MF Global in New York City.
—Reuters
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