NEW YORK (Reuters) - Oil prices dropped to their lowest in more than four years on Wednesday after OPEC announced a record supply cut that dealers said may fail to fully offset slumping world energy demand.
U.S. crude oil prices fell $3.54 to settle at $40.06 a barrel after dipping below $40 for first time since July 2004. London Brent fell $1.12 to $45.53.
Oil prices have fallen more than $100 since July as a global financial crisis cuts into consumer and industrial fuel demand, and top forecasters are now predicting the first decline in world energy use since 1983.
Wednesday, December 17, 2008
And the left screams bloody murder as their utopian dream of the "clean" energy's economic viability smashes headlong into reality.
Posted by traderrob at 12:36 PM