World oil extends losses | The Daily Star
12:00 AM, October 23, 2008 / LAST MODIFIED: 12:00 AM, October 23, 2008

World oil extends losses

World oil prices weakened on Wednesday on renewed worries about energy demand in the face of slowing global growth, dealers said.
New York's main contract, light sweet crude for December delivery, fell 2.57 dollars to 69.61 dollars a barrel. The contract for November expired Tuesday, plunging 3.36 dollars to finish at 70.89 dollars.
London's Brent North Sea crude for December delivery dropped 2.31 dollars to 67.41 dollars a barrel, after shedding 2.31 dollars the previous day.
Crude futures have rallied in recent sessions amid growing signals that OPEC is likely to cut production when the oil producers' cartel meets in Vienna on Friday.
"Concerns over weakening oil demand have dampened the oil price, even though the OPEC meeting on 24 October is expected to lower production targets," said David Moore, a Sydney-based commodity strategist.

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