Christopher
11-22-2008, 02:18 PM
TUMBLING: Prices are expected to drop further in the next few weeks as demand sags in emerging economies that have been propping up the market, analysts said
AFP AND AP, LONDON AND HOUSTON
Sunday, Nov 23, 2008, Page 10
Oil prices collapsed this week to under US$50, their lowest levels in almost four years, as the market focused on the threat of a global recession and tumbling energy demand.
Base metals aluminum and copper also hit their worst levels for more than three years as traders fretted about weaker demand from struggling automakers in the US.
“The deterioration in the global economic outlook had led to a significant decline in commodity prices and, most notably, energy and industrial metal prices,” Deutsche Bank analyst Michael Lewis said. “It has also led to a significant increase in inventories, for example across the industrial metals complex.”
Oil prices have plunged two-thirds since striking record highs above US$147 in July when fears of supply disruptions had helped to send them into orbit.
read more at Taipei Times (http://www.taipeitimes.com/News/worldbiz/archives/2008/11/23/2003429377)
AFP AND AP, LONDON AND HOUSTON
Sunday, Nov 23, 2008, Page 10
Oil prices collapsed this week to under US$50, their lowest levels in almost four years, as the market focused on the threat of a global recession and tumbling energy demand.
Base metals aluminum and copper also hit their worst levels for more than three years as traders fretted about weaker demand from struggling automakers in the US.
“The deterioration in the global economic outlook had led to a significant decline in commodity prices and, most notably, energy and industrial metal prices,” Deutsche Bank analyst Michael Lewis said. “It has also led to a significant increase in inventories, for example across the industrial metals complex.”
Oil prices have plunged two-thirds since striking record highs above US$147 in July when fears of supply disruptions had helped to send them into orbit.
read more at Taipei Times (http://www.taipeitimes.com/News/worldbiz/archives/2008/11/23/2003429377)