The threat of widening supply disruptions in Europe from the Russia Ukraine gas row, as well as Israel's invasion of Gaza, had boosted oil to a one month high of $50.47 before.
Author: Ksenia Kochneva
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Oil Goes Down Below $40
Reuters reported that oil prices fell more than 5% to below $40 a barrel as data showing a big rise in US unemployment deepened gloom over the outlook for the world biggest oil consumer
US crude for February 2009 delivery fell by $2.21 to $39.49. London Brent crude was down $1.72 at $42.95.
Earlier a government report showed that US employers cut payrolls by 524,000 in December 2008, driving the national unemployment rate to its highest level in almost 16 years suggesting the year long recession was deepening.
The threat of widening supply disruptions in Europe from the Russia Ukraine gas row, as well as Israel's invasion of Gaza, had boosted oil to a one month high of $50.47 before.
Author: Ksenia Kochneva
The threat of widening supply disruptions in Europe from the Russia Ukraine gas row, as well as Israel's invasion of Gaza, had boosted oil to a one month high of $50.47 before.
Author: Ksenia Kochneva
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