Oil prices sank below USD 49 on Wednesday as world leaders gathered for the G20 economic summit in London to seek a way out of the sharp global downturn.
Oil prices sank below USD 49 on Wednesday as world leaders gathered for the G20 economic summit in London to seek a way out of the sharp global downturn.
ADVERTISEMENT
Traders also awaited the latest snapshot of crude oil inventories in the United States - which is the world's biggest energy consuming nation, followed by number two China.
New York's main futures contract, light sweet crude for May delivery, fell USD 1.24 to USD 48.42 a barrel. Brent North Sea crude for May delivery shed 92 cents to USD 48.31. World leaders, including US President Barack Obama, will meet in London tomorrow to discuss ways of hauling the global economy out of its worst crisis since the Great Depression in the 1930s.
The spreading worldwide recession has ravaged energy demand and slashed oil prices from their record peaks of above USD 147 per barrel that were forged last July.
"If you look at the economy globally, you don't see any convincing signs that the markets have turned around yet," said Jason Feer, Asia Pacific general manager of energy market analysts Argus Media.
The World Bank forecast on Tuesday that the global economy was likely to shrink by 1.7 per cent this year, marking the first decline in world output since World War II.
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
