Friday, February 13, 2009

Oil tumbles below US$34 a barrel on economic fears

COLUMBUS, Feb 13 — Oil prices slid to a new low for the year yesterday because of growing doubts that the US$789 billion (RM2.8 trillion) stimulus package will reinvigorate the economy and demand for energy.

Crude supplies in the US reached an 82-week high last week, according to the Department of Energy, showing just how far demand has fallen.

Retail gas prices, meanwhile, reached a new high for 2009 yesterday and appeared headed back to US$2 a gallon as refiners cut back on production.

Light, sweet crude for March delivery tumbled US$1.96, more than 5 per cent, to settle at US$33.98 a barrel on the New York Mercantile Exchange.

Since Monday, the price for a barrel of oil has fallen nearly 20 per cent. Crude last settled below US$34 two months ago.

pemuda cheh- wahai pak shahril samad. bila nak kota kan janji untuk turunkan harga minyak. hari tu janji kalau minyak bawah paras usd39 nak turun kan harga minyak. nak tunggu PRK dua bukit kot baru nak turun?

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