Crude Hits 20-Month Low Sub-USD60
Crude oil fell to a 20-month low in early trade Wednesday as demand continues to fall. Crude oil for December delivery fell as much as 78 cents, or 1.3 percent, to $58.55 a barrel in electronic trading on the New York Mercantile Exchange. At 9am GMT it trades at $68.67/barrel.
Yesterday, oil lost $3.08, or 4.9 percent, to $59.33 a barrel, the lowest settlement since March 20, 2007, after earlier dropping as low as $58.32. Prices are now around 60% off the July highs.
The International Energy Agency is expected to cut its consumption forecasts later today. The IEA already has already cut its 2008 forecast about 1.3 million barrels a day in seven revisions this year.
US stocks data due out tomorrow is expected to show that crude-oil supplies probably rose for a seventh week by around 750,000 barrels in the week ended Nov. 7. Gasoline supplies are also expected to show an increase.
Brent fell as low as $54.40/barrel in early trade, Wednesday.
Yesterday, oil lost $3.08, or 4.9 percent, to $59.33 a barrel, the lowest settlement since March 20, 2007, after earlier dropping as low as $58.32. Prices are now around 60% off the July highs.
The International Energy Agency is expected to cut its consumption forecasts later today. The IEA already has already cut its 2008 forecast about 1.3 million barrels a day in seven revisions this year.
US stocks data due out tomorrow is expected to show that crude-oil supplies probably rose for a seventh week by around 750,000 barrels in the week ended Nov. 7. Gasoline supplies are also expected to show an increase.
Brent fell as low as $54.40/barrel in early trade, Wednesday.
