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Oil plummeted in price

December 19 2008

Oil prices on world markets on Thursday declined by 9% due to falling world demand for raw materials and an increase in U.S. oil inventories, despite a decision by the Organization of Petroleum Exporting Countries (OPEC) to cut oil production quotas by 2.2 million barrels day, RIA News .

February futures price for North Sea petroleum mix of mark Brent Crude Oil at London exchange ISE (InterContinental Exchange Futures) following trades fell by 2.17 dollar - up to 43.36 dollars per barrel.

On the New York Stock Exchange NYMEX (New York Merchantile Exchange) cost of the January futures price of U.S. light crude oil Light Sweet Crude Oil fell by 3.84 dollar - up to 35.98 dollars per barrel.

Since July 2008, the price of oil from a record $ 147 per barrel fell below $ 40.

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