Oil Hits 17-Month Low Near $60 a Barrel
With world financial markets in turmoil, the price of crude oil continued to tumble, reaching a 17-month low below $62 a barrel, Bloomberg reported Monday.
Crude futures reached as low as $61.30 in pre-market trading on the New York Mercantile Exchange, the lowest price since May 9, 2007, Bloomberg said.
Oil peaked at a record closing-price of $145.18 a barrel on the Nymex July 14 and has fallen more than 50% since then.
OPEC ministers said Friday they may trim production in light of falling prices, but the price declines are largely because of falling demand because of the economic uncertainty worldwide, Bloomberg said.
