CP: Crude oil at 14 month low under $71 on weak economic outlook
NEW YORK _ Oil prices fell to new 14-month lows today as bad U.S. economic news stoked fears that a significant slowdown will undermine energy demand.
Recession concerns overrode growing expectations that the Organization of Petroleum Exporting Countries will cut production quotas in an effort to shore up prices.
Light sweet crude for November delivery fell $3.77 to US$70.77 a barrel on the New York Mercantile Exchange after the Department of Energy reported American crude inventories rose last week by a much greater than expected 5.6 million barrels.
That was the lowest Nymex price since August of last year.
The contract had fallen $4.09 Wednesday to $74.54 a barrel.
Oil prices are now half of the peak of $147.27 reached in mid-July.
