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Oil dips below $40
- Middle East: Thursday, December 18 - 2008 at 11:44
Oil slid to below $40 a barrel on Thursday as further evidence of slowing demand trumped OPEC's biggest ever production cut, Reuters has reported. US light crude for January delivery, which expires on Friday, fell 42 cents to $39.64 a barrel by 10am UAE time, after falling to $39.19 earlier in the session, the lowest since July 2004, and following an 8% overnight drop.
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Jeff Florian, Senior ReporterThursday, December 18 - 2008 at 11:44 UAE local time (GMT+4)
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