Oil falls below 40 a barrel

CRUDE oil prices have fallen below US$40 a barrel. The price of oil had risen after the Organization of Petroleum Exporting Countries (OPEC) suggested that it would cut oil output to counter falling demand. OPEC secretary-general Abdalla el-Badri (right) had said that the oil cartel would postpone 35 of its 150 new oil and gas projects.

However, prices later fell again the same day due to companies poor earnings last year and especially in the last few months leading to a further decrease in energy demand.

Light, sweet crude is now at $39.56 a barrel. London Brent is at $46.02 a barrel.

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