Oil prices plunge to 4-year low

LONDON: Oil prices slumped to just above US$46 here yesterday, reaching the lowest point in almost four years, as global energy demand weakened amid a widespread economic slowdown.

On London's InterContinental Exchange (ICE), Brent North Sea crude for delivery in January hit US$46.02 - the lowest point since February 18 2005.

The contract later recovered slightly to stand at US$46.60 a barrel, down US$1.37 compared to the close on Monday, when Brent had lost a huge US$5.52.

Yesterday, light sweet crude for January fell to as low as US$47.36 on the New York Mercantile Exchange. That was the lowest level since May 2005 and followed a dive of US$5.15 on Monday.

Later yesterday, light sweet crude was down US$1.30 at US$47.98 a barrel.

"I think it's the same-old, same-old: consumption softening," said David Moore, a commodities strategist with the Commonwealth Bank of Australia. - AFP