Oil continues its slide below $60
September 25, 2006
World oil prices have fallen below $60 a barrel for the first time in more than six months as their dramatic slide of recent weeks has continued.
The price of a barrel of US, light sweet crude fell as low as $59.95 in Asian trading, while a barrel of Brent crude dipped as far as $59.75.
Prices are down sharply from the record high of more than $78 a barrel in July. A key factor has been the receding possibility of oil-rich Iran facing sanctions related to its nuclear plans.
US light, sweet crude was last below $60 a barrel in March while Brent crude rose above $60 in February and has remained there since then.
Analysts said it was difficult to tell how far prices might fall in the current phase.
"It is falling like crazy and people are bailing out of their positions," said Tony Nunan, energy risk manager at Mitsubishi Corporation.
"The market seems to be bearish with the Iran situation looking like its reaching a compromise."
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