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A man fills up at a gas station in Charlotte,burberry, North Carolina,abercrombie, September 29, 2008.
NEW YORK, Nov. 20 (Xinhua) -- Crude oil fell to lowest level in more than three years below 50 U.S. dollars a barrel on Thursday as global economic downturn pared energy consumption.
Light,casque dr dre, sweet crude for December delivery dropped 4 dollars to settle at 49.62 dollars a barrel on the New York Mercantile Exchange. Price slid to as low as 48.64 dollars a barrel, the lowest level last seen in May 2005.
In London, Brent crude for January delivery fell 2.17 dollars to 49.55 dollars a barrel on the ICE Futures Exchange.
"The price of oil continues to demonstrate weakness as the commodity has decisively violated the psychologically important price level of 50 dollars per barrel,abercrombie and fitch," Wall Street Strategies' senior research analyst Conley Turner told Xinhua. "At this juncture,burberry soldes, the oil patch and oil related securities appear to present a lot of value to investors."
With economic growth in United States,doudoune moncler, Japan and Europe contracting,louboutin pas cher, global oil demand is heading for the first annual decline in 25 years. Oil prices have lost nearly 66 percent since record high of 147.27 dollars a barrel reached in mid-July.
"However,beats by dre, this does not mean that it cannot get any cheaper," Turner said. "At this juncture, oil traders are following the stock market in the serve correction that is unfolding."
U.S. stocks tumbled Thursday as the Labor Department reported a highest jobless level in 16 years and Citigroup Inc's shares shed another 25 percent as investors questioned the bank's ability to withstand billions of additional loan losses in 2009.
Libya's top oil official told press on Thursday that OPEC may decide to take an another production cut at its meeting in Cairo next week.
But many analysts doubt if the OPEC supply cut can stable the oil price as its previous decision to reduce output had little impact.
"Below 49 dollars per barrel,louboutin, oil is likely to trade in the low 40 dollars in the next few weeks,abercrombie france," Turner said.
相关的主题文章： But now, due partly to the worldwide recession and partly to China's greater openness to global business, weaknesses seem to be mounting below its glamorous surface.
