Oil prices continue to tumble
16-01-2009
Oil prices tumbled again in a market hammered by dismal economic news, worries over increasing US energy stockpiles and a new OPEC forecast of falling demand for 2009. New York crude fell US$1.88 to US$35.40 a barrel while London Brent dropped US$0.39 cents to US$44.69. Prices headed south after OPEC predicted that global demand for oil would contract by a bigger-than-expected one-fifth of a percent this year.
