The price of oil has dropped to below US$64 a barrel in early trading this morning following the release of data which shows the US economy contracted in the quarter between July and September. Futures were down to US$63.64 for December.
In London, Brent crewed dropped to below US$62 a barrel. The US GDP sharnk at an annual rate of 0.3% for the quarter, which is the worst showing since it contracted by %1.4 in the same quarter in 2001.
