Oil prices have dropped with Brent crude falling to nearly $50 a barrel, the lowest since striking record highs of $147 in July. On Wednesday, Brent North Sea crude for delivery in January was down seven cents at 51.77 dollars a barrel in late afternoon trade on London's InterContinental Exchange (ICE). Earlier it touched 50.61 dollars.
On the New York Mercantile Exchange (NYMEX), light sweet crude for December delivery slipped 53 cents to 53.86 dollars a barrel. It earlier fell to 53.30 dollars, the lowest point since January 2007.
Crude oil prices have plunged almost two-thirds since striking record highs of above 147 dollars in July as a global economic slowdown dents world energy demand. On Monday, the Organization of Petroleum Exporting Countries (OPEC), whose members produce 40 percent of the world's oil, said it was ready to intervene on a regular basis to help prop up the prices. |