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Oil Prices Decline to U.S. $ 33/Barel

[postlink]http://newslightingtechnology.blogspot.com/2008/12/oil-prices-decline-to-us-33barel.html[/postlink]World oil prices continue to decline. Black gold reached this position of U.S. $ 33 per barrel on the weekends because of increasingly weak demand in the global market.

The influence of the decline in OPEC oil production to 2.2 million barrels per day, which is expected to raise the price of oil has not been back recently.

Market itself is still in doubt whether all OPEC members will cut production. Doubt that this is the price of oil increasingly oppressive.

In the closing trading Friday U.S. time (19/12/2008) oil prices in New York for January delivery of light down U.S. $ 2.35 to the position of U.S. $ 33.87 per barrel.

During intraday trading, or in the day, even the price of oil was down to U.S. $ 32.4 per barrel, which is the lowest position since 9 February 2004.

In order for the oil price rise in February. The type of light oil for February delivery rose 69 cents to the level of U.S. $ 42.36 per barrel. Similarly, the price of oil in London Brent North Sea for February delivery rose 64 cents to the position of U.S. $ 44 per barrel.

"The price of oil continues to fall because of weaker sentiment in the global economy is very burdensome," said analysts from the Sucden, Nimit This wine such as CNN, Saturday (20/12/2008).

Many investors in New York selling price for oil contracts in January before the contracts expire. February contract trading will be used starting Monday next week (22/12/2008).

Oil analyst David Evans of Concrete Market assess the price of oil will tend to be stable in the position of U.S. $ 35-40 per barrel because global demand is still weak.

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