TODAY.AZ / Business

Brent price drops 4.8%, Light Sweet 5.9%

16 January 2007 [00:22] - TODAY.AZ
London Brent oil fell by 4.8% last week and Light Sweet oil dropped by 5.9% on the New York Mercantile Exchange.

Crude oil prices drop sharply Wednesday, reaching its lowest level since May, 2005.

Crude for February delivery dropped 1.62 dollars, or 2.91 percent, at 54.02 dollars a barrel on the NYMEX after touching a low of 53.80 dollars, the lowest level since late May 2005.

London Brent crude fell 1.49 dollars at 53.69 dollars a barrel.

Unusual mild weather throughout the USA and over the world has driven crude prices down this winter. Since the beginning of 2007, crude future at the New York market has lost 11. 5 percent.

Venezuela and Iran, OPEC's second- and fourth-largest oil producers, support and urge other members to trim down oil output in a bid to bolster prices.

An emergency meeting is not ruled out amid oil prices hitting a 19-month-low. APA

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