Oil, mineral, exploration
London oil prices now below $55
Tuesday, 11 November 2008 17:34Oil prices sank under $55 a barrel this evening to hit a 21-month low as fresh recession fears led to worries about slowing global energy demand.
In London, Brent North Sea crude plunged as low as $54.92 a barrel - a level last seen on January 30 2007. It later stood at $55.94, down $3.14 from Monday. US crude was down $2.91 at $59.50.
Prices have now shed about 60% since scaling historic highs above 147 dollars in July on mounting evidence of slowing global economic growth and energy demand.
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Crude oil prices had closed up almost $2 on Monday, with sentiment boosted by hopes that China's huge economic stimulus package would lift demand for energy.
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