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Oil price plunge continues

Oil price plunge continues
Crude prices continued journey towards south in Asian trade Thursday on demand concerns despite efforts to bail out the ailing global financial system.

Oil prices have already plunged from record highs above $147 because of demand worries

Crude prices continued journey towards south in Asian trade Thursday on demand concerns despite efforts to bail out the ailing global financial system.

New York's main contract, light sweet crude for delivery in November, fell 49 cents to $88.46 a barrel in late evening trade in Singapore after a drop of $1.11 to $88.95 Wednesday at the New York Mercantile Exchange.

Brent North Sea crude for November dropped 66 cents to $83.70 a barrel on top of a 30-cent fall to $84.36 Wednesday in London.

Oil prices have already plunged from record highs above $147, reached in July, because of demand worries. Prices have continued to fall despite measures including a US government plan to buy up to 700 billion dollars' worth of tainted mortgage-related assets at the root of the global crisis.

The world's major central banks also announced coordinated half-point cuts in key interest rates in an extraordinary bid to unblock gridlocked credit and calm market turbulence.

www.TurkishMaritime.Com.tr

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