国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

WORLD> Asia-Pacific
Oil falls below $56 as Japan slips into recession
(Agencies)
Updated: 2008-11-17 16:45

SINGAPORE -- Oil prices fell below $56 a barrel Monday in Asia as news that Japan fell into recession highlighted investor fears of a global economic slowdown that will hurt crude demand.

Light, sweet crude for December delivery was down $1.11 to $55.93 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract fell $1.20 Friday to settle at $57.04.

Oil prices fall below $56 a barrel Monday in Asia as news that Japan fell into recession highlighted investor fears of a global economic slowdown that will hurt crude demand. [Agencies] 

Japan, the world's second-largest economy, said Monday it slid into a recession for the first time since 2001 after gross domestic product contracted at an annual pace of 0.4 percent in the third quarter after a shrinking 3.7 percent in the second quarter. Japan now joins the 15-nation euro-zone in a recession, defined as two straight quarters of GDP contraction.

"Markets are very worried about the international economic outlook, about oil consumption," said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney. "As data is released in the US, Europe and other countries, investors get a reminder of the economic problems in the developed world."

Oil prices have tumbled about 62 percent since peaking at nearly $150 a barrel in mid-July.

Comments Sunday from OPEC President Chakib Khelil, downplaying the possibility that the group could cut production at a meeting this month, also weighed on prices.

On Saturday, Iran called on the Organization of Petroleum Exporting Countries to reduce output quotas by up to 1.5 million barrels a day a meeting later this month. But Khelil said OPEC, which accounts for about 40 percent of world crude supply, hasn't yet fully enforced previous quotas and the group needs more data before it decides to cut production.

Iran's call for more cuts is a "wish," Khelil said. OPEC, which cut quotas 1.5 million barrels a day last month, plans to meet on Dec. 17.

"The short-term trend for oil prices is possibly still to the downside," Moore said. "But as the OPEC cuts start to take surplus out of the market, this tightening will eventually give support to the oil price."

A stronger US dollar also helped push oil prices down. Investors often buy oil futures as a hedge against inflation and a weaker dollar and sell when the dollar gains.

The euro fell to $1.2561 Monday from 1.2602 on Friday while the dollar was steady at 97.22 yen.

"The firm US dollar is certainly a factor in why the oil price is lower," Moore said.

In other Nymex trading, gasoline futures fell 1.54 cents to $1.22 a gallon. Heating oil dropped 1.83 cents to $1.81 a gallon while natural gas for December delivery rose 6.38 cents to fetch $6.38 per 1,000 cubic feet.

In London, December Brent crude fell 52 cents to $53.72 on the ICE Futures exchange.

兴国县| 依兰县| 东至县| 漳浦县| 来安县| 永清县| 宾川县| 中方县| 丰城市| 和林格尔县| 柳江县| 岑溪市| 五莲县| 张家口市| 达尔| 石泉县| 清远市| 乌审旗| 贡觉县| 扬州市| 和田县| 宣城市| 堆龙德庆县| 辰溪县| 陵水| 乐业县| 柏乡县| 化州市| 井陉县| 舞钢市| 西吉县| 通榆县| 冕宁县| 中超| 永新县| 雷波县| 彩票| 双城市| 卢氏县| 新津县| 喀喇|