Oil prices cuts-off below $45 per barrel

December 12, 2008 · Posted in Philippine News · Comment 

Oil prices continue to decline below $45 a barrel Friday in reaction to fresh evidence of the US recession and news that a $14 billion emergency bailout for US automakers had collapsed in the Senate.

The decline passed over most of the strong gains made in the previous day’s session, but traders said expectations of an important production cut by OPEC would help keep a floor under prices.
Read more