Oil falls to 22-month low of $55 a barrel.

>> Thursday, November 13, 2008

Oil fell for a third straight day on Thursday to hit a 22-month low of $55 a barrel as mounting pessimism about the global economy outweighed OPEC's comments that it could cut output again as early as end-November. OPEC officials, concerned about oil's steep drop from record highs over $147 a barrel per day (bpd) in July, said the cartel could possibly decide by the end of the month to cut production again to raise prices.

Crain India Ltd will not benefit from this.
Excellent article on Why did the crude prices rise. Click here.
Receive free SMS from us. Click here.
Receive free Email Updates from us. Click here.