Crude oil prices slide below $40
February 10th, 2009 - 5:57 am ICT by IANSNew 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.
- OPEC oil price down to $40 a barrel - Jan 14, 2009
- Oil plummets on US negative credit outlook - Apr 19, 2011
- Calls for low oil prices are short-sighted, says OPEC - Mar 07, 2009
- US crude oil crosses $100 mark - Mar 18, 2011
- OPEC may cut output again: Venezuela's energy minister - Oct 31, 2008
- Oil slips after choppy trade on bin Laden's death - May 03, 2011
- Wall Street flat as investors weigh US data, Europe - Jan 05, 2012
- US oil price edges up - Apr 25, 2012
- Oil prices rise - Feb 25, 2012
- OPEC oil price keeps fluctuating - Nov 08, 2011
- Oil prices slide - Mar 30, 2012
- Oil inches up on positive data - Mar 31, 2012
- OPEC crude price close to $117 - May 09, 2008
- US stocks turn into positive territory - Nov 12, 2011
- Oil plunges to $40 on disappointing OPEC cut - Dec 18, 2008
Tags: abdalla, cartel, company earnings, crude oil prices, demand outlook, energy demand, gas projects, light sweet crude, london, new oil, oil and gas, oil output, opec, petroleum exporting countries, secretary general, xinhua