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| Oil price goes below $50 a barrel | Oil price goes below $50 a barrel |
| (about 2 hours later) | |
| Oil prices have fallen below $50 a barrel for the first time since May 2005 amid fears of a recession and expectations that demand will drop. | Oil prices have fallen below $50 a barrel for the first time since May 2005 amid fears of a recession and expectations that demand will drop. |
| US light sweet crude fell to $49.06, while London-traded Brent crude fell to $48.90 a barrel. | |
| The price of oil is around two-thirds cheaper than in July, when it hit a record above $147 a barrel. | The price of oil is around two-thirds cheaper than in July, when it hit a record above $147 a barrel. |
| Members of oil cartel Opec are to meet on November 29, after opting to cut output by 1.5 million barrels per day. | Members of oil cartel Opec are to meet on November 29, after opting to cut output by 1.5 million barrels per day. |
| "The lack of any positive news on the demand front as well as continued global economic turmoil continues to result in a dearth of bullish news," said Jonathan Kornafel, Asia director of Hudson Capital Energy. | "The lack of any positive news on the demand front as well as continued global economic turmoil continues to result in a dearth of bullish news," said Jonathan Kornafel, Asia director of Hudson Capital Energy. |
| See the changing price of oil | See the changing price of oil |
| On Wednesday, the Federal Reserve said it expected the US economy to shrink in the first half of next year, adding to fears over lower demand for fuel. | On Wednesday, the Federal Reserve said it expected the US economy to shrink in the first half of next year, adding to fears over lower demand for fuel. |
| Figures from the Energy Information Administration released on Wednesday showed US stocks of crude oil increased by 1.6 million barrels last week - twice as much as expected. | Figures from the Energy Information Administration released on Wednesday showed US stocks of crude oil increased by 1.6 million barrels last week - twice as much as expected. |
| Meanwhile figures from Japan showed the country experienced its second trade deficit in three months in October, with exports 7.7% lower year-on-year. | Meanwhile figures from Japan showed the country experienced its second trade deficit in three months in October, with exports 7.7% lower year-on-year. |
| Amid signs of the wider slowdown, investors and hedge funds have been turning to cash, and away from commodities. | Amid signs of the wider slowdown, investors and hedge funds have been turning to cash, and away from commodities. |
| Return to top | Return to top |