Oil prices at the lowest level in three and half years

Oil prices dropped to their lowest level in three and half years with the growing atmosphere of pessimism about the global economy, after the postponement of the Organization of Petroleum Exporting Countries (OPEC) decision to reduce production at its next meeting XVII of the month.

In early Asian trading today futures oil prices fell more than a dollar extended its losses in the previous session, the New York Nymex Exchange with more negative reports on the status of major economies.

 
This decline is due to an increase in the supply of raw black and the lack of demand and increasing inventory as a result of the worst economic recession.

 
U.S. light crude fell futures contract for delivery in January by 1.31 dollars to 47.94 dollars per barrel, the lowest level since May 2005.

 
Brent crude and Brent by 1.45 dollars to 46.52 dollars per barrel.
De-industrialization
The price of U.S. light oil in the U.S. market plunged on Monday night to fall 9.46% b 5.15 dollars will be closed when the market price of 49.28 dollars per futures contract.
The impact of industrial According to the report that U.S. manufacturing activity fell to its lowest level since 1982, a negative impact on oil prices.
And a concern about the holiday shopping season put pressure on Wall Street which in turn affect oil markets.
It is noteworthy that a meeting of OPEC in October approved to reduce production by 5% but that the organization failed to stop the deterioration of oil prices, which lost more than 60% of its value and relevance in the July 11 last, the price of a barrel of oil exceeded147 $ .