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09:09, November 07, 2008 |
Crude futures tumbled again Thursday on concerns that global economic recession would curb energy consumption.
The International Monetary Fund predicted developed economies would deliver their worst performance since World War II.
The IMF said it now expects 2009 global economic growth of 2.2 percent, down 0.8 percentage point from its October forecast. It also lowered its 2009 baseline oil price projection to 68 dollar a barrel from 100 dollars.
The U.S. dollar strengthened after the European Central Bank cut its key rate by half a percentage point to 3.25 percent Thursday.
Light, sweet crude for December delivery was down 4.53 U.S. dollars to 60.77 a barrel on the New York Mercantile Exchange after hitting a 19-month low of 60.16 dollars.
Source: Xinhua
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