Oil prices have fallen more than 2 dollars to the lowest levels for almost four years due to growing concern about demand in the US.
Brent North Sea crude for delivery in January fell below 43 dollars to 42.90 dollars a barrel in late European trading -- the lowest level since February 2005.
Later on London's InterContinental Exchange (ICE), Brent recovered slightly to stand at 43.11 dollars, down 2.33 dollars from Wednesday.
Light sweet crude for January sank below 45 dollars to 4.25 dollars per barrel -- last seen in January 2005 -- on the New York Mercantile Exchange (NYMEX). The contract later stood at 44.61, down 2.18 dollars .
Sharp interest rate cuts from four central banks in Europe, including the European Central Bank and Bank of England, aimed at stimulating economic growth failed to improve sentiment, dealers said.
Oil prices are more than 100 dollars below their record highs of above 147 dollars reached in July, when fears of supply disruptions had sent them rocketing.
SG/HAR
Source:
Thu, 04 Dec 2008 22:16:26 GMT
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