Crude oil prices slide below $40

February 10th, 2009 - 5:57 am ICT by IANS  

New York, Feb 10 (Xinhua) Crude oil prices fell below $40 a barrel Monday on weak energy demand outlook.

Earlier in the day, the oil prices were boosted by comments from the Organisation of the Petroleum Exporting Countries (OPEC) that it would cut oil output further to counter the slumping demand.

OPEC secretary-general Abdalla el-Badri also announced that the cartel would postpone 35 of its 150 new oil and gas projects.

However, the oil prices fell later in the day as poor company earnings stirred concerns on energy demand.

Light, sweet crude for March delivery was down 61 cents to settle at $39.56 a barrel. London Brent was down 19 cents to settle at $46.02 a barrel.

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