24 Feb 2009

Oil drops in price again

8:12 am on 24 February 2009

Oil has fallen again in price as investors worry about the weak global economy.

By 1:26pm EST (1827 GMT) on Monday, US front crude was down $US1.29 to $US38.74. London Brent crude dropped 78 cents to $US41.11 per barrel.

The economic crisis has hit global oil demand and pushed prices down by more than $US100 a barrel since reaching $US147.27 on 11 July.

OPEC has made a series of production cuts totalling 4.2 million barrels per day since September.