TODAY.AZ / Business

Oil prices falls 3.4 percent on NYMEX

18 January 2007 [01:14] - TODAY.AZ
Oil slumped $1.78 to $51.21 a barrel on the New York Mercantile Exchange, the lowest it's traded since May 2005. Brent futures shed 86 cents to $52.26.

Oil prices plunged 3.4 percent on Tuesday after Saudi Arabia said OPEC production cuts were working well and there was no need for an emergency meeting of the producer group.

The price has fallen around 16 percent since the end of last year, in part due to warm weather in the U.S. Northeast, the world's top heating oil market, in early January. APA


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