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Oil falls to below $60 a barrel Brent oil price near $60 a barrel
(about 3 hours later)
The price of Brent crude oil has fallen below $60 a barrel for the first time in 20 months, amid growing fears that a US recession will reduce demand. The price of Brent crude fell below $60 a barrel on Tuesday for the first time in 20 months before edging back up.
Brent crude for delivery in December shed $1.56 a barrel in London at $58.92 while US sweet crude oil dropped $1.19 to $62.72 a barrel. Brent crude fell to a 20-month low of $58.38 a barrel before recovering to stand at $61.10 a barrel by late morning in London.
Oil prices have slumped since hitting a record of $147 a barrel in July, as consumers have cut their spending. US sweet crude oil traded at $64.86 per barrel, having dipped as low as $62.25.
Oil prices have slumped since hitting a record of $147 a barrel in July, as consumers have cut their spending and the chances of a global recession grow.
Members of oil cartel Opec have decided to cut output to boost prices.Members of oil cartel Opec have decided to cut output to boost prices.
"The overriding concern is the economy in the US," said Victor Shum, energy analyst at consultancy Purvin & Gertz."The overriding concern is the economy in the US," said Victor Shum, energy analyst at consultancy Purvin & Gertz.
Credit Suisse has cut its forecast for China's energy demand, predicting that it will remain unchanged in 2009.Credit Suisse has cut its forecast for China's energy demand, predicting that it will remain unchanged in 2009.
Recent figures showed China's economic growth rate fell for the third quarter in a row, prompting fears of a wider downturn.
Growth slowed to an annual pace of 9% in the three months to September - down from 10.1% over the previous quarter.
There had been hopes that growth in developing nations such as China and India would help offset the slump in demand in US.There had been hopes that growth in developing nations such as China and India would help offset the slump in demand in US.
On Monday, poor US economic data underlined the degree of the slowdown in the world's largest economy.
The Institute for Supply Management said its manufacturing index dropped to 38.9 in October - its worst reading for 26 years. Any reading under 50 indicates contraction.