Oil prices drop below 50 dollars, hit 3.5-year lows
Posted by hidayathfund on November 20, 2008
LONDON: Oil prices sank under 50 dollars a barrel in London on Thursday, reaching the lowest levels for three and a half years, as the market was
plagued by weak energy demand.
Brent North Sea crude for delivery in January tumbled to 48.54 dollars a barrel — last reached in May 2005. The contract had closed on Wednesday at 51.72 dollars.