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Oil falls further in Asian trade

Oil falls further in Asian trade
Oil prices continued to fell further in Asian trade Friday as worries over a slump in energy demand continues after reports of decline in US economy.

Oil prices have fallen about 55 percent since peaking above $147 a barrel in mid-July

Oil prices continued to fell further in Asian trade Friday as worries over a slump in energy demand continues after reports of decline in US economy.

Light, sweet crude for December delivery was down $1.78 to $64.18 a barrel in electronic trading on the New York Mercantile Exchange by late trading in Singapore. The contract overnight fell $1.54 to settle at $65.96. Oil prices have fallen about 55 percent since peaking above $147 a barrel in mid-July.

In other Nymex trading, gasoline futures fell 2.7 cents to $1.4395 a gallon. Heating oil fell 3.91 cents to $1.9450 a gallon and natural gas for December delivery was down 4.6 cents at $6.385 per 1,000 cubic feet.

In London, December Brent crude fell $1.89 to $61.82 a barrel on the ICE Futures exchange.

U.S. gross domestic product, the broadest barometer of a nation's economic health, shrank at a 0.3 percent annual rate in the July-September quarter, the Commerce Department said overnight.

It marked the worst showing for the world's largest economy since it contracted at a 1.4 percent pace in the third quarter of 2001.

The negative cue provided by the U.S. data continued into Asian trade, compounding the pressure from a generally strong dollar.

www.TurkishMaritime.Com.tr

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