Published on Thu, Oct 23, 2008 at 08:14 | Source : CNBC-TV18
Updated at Thu, Oct 23, 2008 at 14:01
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Crude hits 16-month low; touches $67.56/bbl
Crude prices dropped more than 7% touching a new 16-month low. The rising US fuel inventories added to fears that global economic slowdown has dragged demand down. In after hours access trading, Nymex is at USD 67.56 per barrel.
Crude prices dropped more than 7% touching a new 16-month low. The rising US fuel inventories added to fears that global economic slowdown has dragged demand down.
In after hours access trading, Nymex crude is at USD 67.56 per barrel.
Here is a verbatim transcript of Manisha Gupta's comments on CNBC-TV18. Also watch the accompanying video.
The prices have declined quite a bit in the last 24-hours and important levels have been breached on the lower side. We have successfully closed below USD 70 per barrel this time and touched a low of USD 66.75 per barrel.
If USD 65 per barrel also is breached then the next support comes only at USD 58 per barrel and the kind of decline that we have seen in the markets, the only ray of hope for the oil producers is the OPEC Meeting on Friday.
The 1 million barrels of a cut has already been factored in and anything less or rather that level would not impact the prices at all. It has to be more than that and continuously for 12-months. That kind of a statement has to come in from OPEC to support the prices otherwise a breach of USD 60 per barrel is not too far away.
