Oil prices drop

Published January 20, 2009

LONDON, Jan 19: Oil prices fell sharply on Monday on fresh fears the worst global slowdown in years will undercut energy demand, traders said.

New York’s main contract, light sweet crude for delivery in February, dropped 2.21 dollars to 34.30 dollars a barrel. The February contract expires at the close on Tuesday to be replaced by the March contract.

In London, Brent North Sea crude for March slid 2.16 dollars to 44.41 dollars.

Analysts said that trading volumes were expected to be light with Wall Street markets shut Monday for a public holiday.

Underlying weak global demand for crude “remains a dominant factor” affecting the market, said David Moore, a commodity strategist for the Commonwealth Bank of Australia in Sydney.

Sucden Financial Research analyst Nimit Khamar said the US holiday made for quiet trade, leaving the market “awaiting fresh news and even initiatives from the US as a new president and Congress come into office this week.”—AFP

Opinion

Editorial

Stalled talks
Updated 25 Jan, 2025

Stalled talks

It would have been wiser for PTI to not react to the provocation. However bitter their differences, both parties need something from each other.
Bureaucratic approach
25 Jan, 2025

Bureaucratic approach

WHEN bureaucrats fancy themselves as scholars, universities suffer. It’s a pity this is a lesson the Sindh...
West Bank’s turn
25 Jan, 2025

West Bank’s turn

MERE days after pausing the Gaza genocide, Israel has turned its guns on the occupied West Bank. Though Israel had...
Digital dragnet
24 Jan, 2025

Digital dragnet

The Pakistani state must stop inflicting wounds on itself and learn to resolve its internal issues through social and political means.
USC closure
24 Jan, 2025

USC closure

THE PML-N government seems to have finally firmed up its mind on the future of the Utility Stores. The cabinet has...
Hindu exodus
Updated 24 Jan, 2025

Hindu exodus

The state cannot absolve itself of the responsibility to protect Hindu citizens, and assure them of safety.