Fidelity bank banner Bayelsa State banner
Oil price hits 5-year low, records fastest crash since 2008

By News Express on 02/12/2014

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,803


Brent crude oil price dipped to a five-year low and reached $67.17 on Monday, which is the fastest dive since the year 2008, according to official figures.

Prior to Monday’s five-year record low, the most recent lowest price for Brent crude oil was witnessed in August 2009 with $68.95 per barrel.

The leading global benchmark for oil trading fell below the $70 per barrel mark late on Friday, after the Organization of the Petroleum Exporting Countries (OPEC) decided on Thursday that they will not to cut oil production despite the falling oil prices since June.

The Brent crude oil price fell almost 40 percent since June, from $115 per barrel to below the $70 mark at the end of November.

The price of Brent crude was traded at $76.28 in the morning of the OPEC meeting on Thursday, and fell more than 10 percent since then.

Nigeria’s Petroleum Minister Diezani Allison-Madueke was elected the first OPEC President during the Thursday meeting at OPEC Headquarters in Vienna, Austria.

However, the OPEC decision is not the only factor for the dive in oil prices since June.

The low global demand for oil was coupled with the slow growth rate of Asian and European economies.

In addition, the rising value of the U.S. dollar hindering the purchasing power of oil-dependent economies and the increasing domestic oil production in the U.S. caused global demand to fall further.

The 40 percent fall since June is the fastest slump since the year 2008, when prices fell over 75 percent in five months, as the world witnessed a financial crisis and a global recession.

Brent crude oil price was the highest with $147.29 per barrel on July 2008, before it dived to its lowest point of $36.40 on Dec. 2008.

The price of the global benchmark rose above the $70 per barrel mark late on Monday, reaching $70.35 at 2:30 pm GMT.

•Adapted from an Anadolu Agency report. File photo shows OPEC President Diezani Allison-Madueke fielding questions from journalists.

Source News Express

Posted 02/12/2014 09:58:45 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Lagos set to domesticate school feeding programme

Mutiny: HURIWA throws weight behind court martial, restates...

Offa robbery attack: Police arrests 7 suspects, as...

UNILAG VC: How Nigerian varsities can rank best...

Ministerial nomination: Amaechi scales hurdle as Senate Committee...

Breaking News: Imo Deputy Governor under pressure to...

FG makes U-turn on sale of national assets...

NIMASA DG proffers solution to prostate cancer threat...

Buhari will shock Boko Haram, APC Chairman, Oyegun...

Buhari condoles CAN over death of its Gen....

PDP protests arrest of Edo Chairman, harassment of...

FG applauds as Dangote donates 150 patrol cars...

 

Latest News Special security force nabs gunrunner, soldier, policeman, 4 Fulani militia men fuelling herdsmen/farmers crisis Madumere wins again as court refuses to vacate order restraining the swearing-in of new Imo Deputy Gov 2 Nigerian pilgrims die in Saudi Arabia — NAHCON Mad man stabs monarch to death in Ekiti Soldier, 21 herdsmen die in Benue gun battle Ngige eyes Anambra Central Senatorial seat, says he is under pressure to contest Boko Haram razes 40 houses in reprisal attack Police uncover plan to disrupt Sallah, Durbar celebrations in Kwara Buhari orders Security Chiefs to make Nigeria safe Court halts EFCC’s probe of Benue accounts Why we demolished Ayefele’s Music House — Oyo State Government Ebonyi suspends collection of personal income tax, illegal levies

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (379,427 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (367,624 views) Shameless Genevieve Nnaji exposes breasts in public (297,390 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (242,644 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (223,709 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (217,674 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (193,349 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (175,487 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (160,086 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (158,997 views) Lagos plane crash: Journalist releases victims’ names (153,287 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (143,515 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,468) Business Verdict (48) Columnists (912) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (529) Features (642) Global Business Monitor (295) International (2,283) Interview (162) Live Commentary (28) Love Matters (135) News (38,185) Opinion (1,064) Pidgin (11) Politics (6,115) Religion (833) Sports (1,654) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Yinka Ayefele's Music House Demolished

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement