How Low Can Oil Price Go Down

dulu naik laju je harga minyak sampai usd 140 plus per barrel skrg dah tinggal setengah je kan...kalau lah dulu gomen tak berebut2 naikkan harga minyak harga barang pun takkan naik..tapi skrg harga minyak turun pun harga brg still maintain jugak..

VIENNA, Austria - Oil prices fell to a 14-month low Thursday as bad U.S. economic news stoked fears that a significant global economic slowdown will undermine demand for crude.

Concerns over the economy overrode growing expectations that the Organization of Petroleum Exporting Countries could opt to cut back production in an effort to shore up prices.

By mid-afternoon in Europe, light, sweet crude for November delivery was down US$1.07 to US$72.10 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe. Earlier in the session, prices fell as low as US$71.21.

The contract fell overnight US$4.09 to settle at US$74.54, the lowest settlement price since Aug. 31, 2007.

Oil prices are now half of the peak they reached in mid-July.

Investors are beginning to anticipate an output cut by the Organization of Petroleum Exporting Countries at its next meeting in November in a bid to boost prices, Moore said.

OPEC said in a report Wednesday that oil consumption dropped in developed countries by more than 1 million barrels a day in September compared to the same period a year earlier. Demand growth from developing countries increased by a daily 1.2 million barrels over the same time, OPEC said.

"OPEC may try to take some action," Moore said. "It's quite likely they will adjust lower their production targets."

In other Nymex trading, heating oil futures fell 0.53 cent to US$2.1852 a gallon, while gasoline prices decreased by nearly 4 cents to US$1.7450 a gallon. Natural gas for November delivery rose by 3 cents to US$6.62 per 1,000 cubic feet.

In London, November Brent crude fell US$1.05 to US$69.75 a barrel on the ICE Futures exchange.68.0000