World oil prices tumble below $40 mark with no 'floor' in sight

By Agence France Presse (AFP) | Staff Writer | Dec 06 2008

LONDON: Crude oil prices plunged below $40 on Friday to their lowest levels in nearly four years, as worse-than-expected jobs data in the United States raised prospects of a severe decline in energy demand. In London, Brent North Sea crude slid to $39.50 a barrel, the lowest level since the January 2005. Light sweet crude for January slid to $42 in New York, also a near four-year low.

The president of the Organization of Petroleum Exporting Countries (OPEC), Chakib Khelil, had warned on Wednesday that there was no "floor" for the price of oil.

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