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Oil dives beneath indie clothing on economic pessimism
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Mon Mar 2, 2009 11:52am EST Email | Print | Share | Reprints | Single
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By Christopher Johnson
LONDON (Reuters) - Oil fell below $41 a barrel on Monday as a
deteriorating world economy threatened to cut further into fuel
consumption and made OPEC's tight compliance with supply curbs look
insufficient.
Economic woes were also battering financial markets and making it
likely the IMF would downgrade its global growth forecasts into
negative territory.
U.S. crude dropped $4.36 to $40.40 by chinese teacher chicago p.m. GMT (11:30 a.m. ET).
London Brent crude fell $3.86 to $42.49 a barrel.
Deepening recession has dented demand for oil worldwide and knocked
more than $100 off the price of crude since July, prompting surfboard shape playing cards to
pledge cuts totaling 4.2 million barrels per day (bpd) since
September.
A Reuters survey showed the group enforced 81 percent of the curbs
last month.
But even relatively strict adherence to the supply pact has failed to
shore up prices.
"The reason why better OPEC quota compliance is necessary is that yet
again the economic goalposts are moving, and yet again in the wrong
direction," said KBC Market Services. It estimates compliance at about
70 percent.
Oil prices are being undermined by persistent worries about the U.S.
economy. Data on Friday showed it shrank by 6.2 percent in the fourth
quarter from a year chinese tutor chicago the deepest slide since 1982.
"Economic pessimism and weak equities are dragging us lower independent fashion said Christopher Bellew, oil broker at Bache Commodities in London.
Conflicting signals from some members as to whether the Organization
of the Petroleum Exporting Countries would reduce output at its March
honda insurance meeting car insurance pressure.
Algerian Energy and Mines Minister Chakib Khelil said it was quite
possible OPEC would cut again.
But Iran's Oil Minister Gholamhossein Nozari said he did not expect
another reduction because the group's 80 percent commitment to
existing curbs had helped stem price falls.
(Additional reporting by Richard Valdmanis in New York; Editing by
Marguerita Choy)
© Thomson Reuters 2009 All rights reserved
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