Oil falls below $62 as investors eye weak demand
10:06 AM Mon, Oct 27, 2008 | Permalink
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VIENNA, Austria -- Growing evidence of a severe global economic slowdown drove oil prices to below $62 a barrel Monday, as investors brushed off a sizable OPEC output cut, according to The Associated Press. Traders were taking their cues from world markets, which slumped again Monday with the Nikkei index in Japan closing at its lowest in 26 years, down 6.4 percent. Hong Kong, and European markets followed suit, closing or trading substantially lower. The Dow Jones industrial average fell 3.6 percent Friday. Light, sweet crude for December delivery declined $2.23 to $61.92 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe, the lowest since May 2007. 
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