U.S. light Crude prices fell Thursday about 9% to reach to below 34$ a barrel influenced by the expectations of the Organization of Petroleum Exporting Countries “OPEC” that global energy demand will continue shrinking.

U.S. crude fell in future contracts of next February around 3.44 dollars, the price of 33.84 $ a barrel to , the lowest level since 19th  last December .

 
OPEC said in its monthly report published Thursday that “the global demand for oil will shrink more than expected in the current year, and the deterioration of the economy could lead to a decrease in consumption to create more of the situation from further supply cuts.”

 
The organization said that it “expects a reduction in demand by 180 thousand barrels per day in 2009, more than 30 thousand barrels per day from its previous guidance.”

 
The organization drew to “the great uncertainty surrounding the path of economic recovery refers to the possibility of further deterioration in global oil demand growth this year.”

 
It is noteworthy that oil prices had fallen more than 110 $a barrel, the highest rate compared to Link last July when it exceeded the147 $ barrier.

 
OPEC has reduced production last year hit 4.2 million barrels a day, so as to reduce the decline in oil prices to OPEC reductions have been futile so far due to the implications of the global financial crisis on the major economies and most of the entry in the case of recession.