Published on Fri, Nov 07, 2008 at 08:31 | Source : CNBC-TV18
Updated at Fri, Nov 07, 2008 at 13:08
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Crude trades nears 19-month low, at $61.19/bbl
Crude prices are trading near a 19-month low on signs that fuel demand will contract as the global economy slows. Prices tumbled after the International Monetary Fund, or IMF, predicted developed economies would deliver their worst performance since World War II.
Crude prices are trading near a 19-month low on signs that fuel demand will contract as the global economy slows. Prices tumbled after the International Monetary Fund, or IMF, predicted developed economies would deliver their worst performance since World War II.
In after hours access trading, Nymex crude is at USD 61.19 per barrel.
Sharon Epperson, CNBC, said the economic outlook whether it is from International Monetary Fund (IMF), the Bank of England or the State of California, it all looks pretty bad and it's bad for energy demand too. USD 50/bbl oil looks like a definite possibility and perhaps even before next year as some analysts have predicted.
Epperson said natural gas did get some bullish news on storage, left it was smaller bill then expected and one would think that would have boost prices, but it did not.
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