Oil price below $ 75 in London

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Oil prices continued Friday to reach new thresholds for the decline, from under $ 80 a barrel in New York and under $ 75 in London. Main reasons that some are no longer afraid to call today a crash, which creates a bleak outlook for growth and world demand for oil. On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for November delivery ended at 77.70 dollars, losing 8.89 dollars on its closing price the previous day. In London, a barrel of Brent North Sea for the same period ended at 74.09 dollars, down 8.57 dollars. Oil prices have crossed the threshold of $ 80 in New York in response to the "climate" at the opening on Wall Street. The stock exchange has temporarily dropped by more than 6%, crossing the threshold of 8000 points for the first time since April 2003. So ql'ensemble global bourses had suffered a panic, oil plunged to 73.14 dollars in London and 77.09 dollars in New York, the lowest for a year. Compared to its historical records from 11 July to over 147 dollars, oil dropped nearly half its value. Investors fear above all that the crisis fianicère slows considérabelemnt world energy demand. "Weak demand this summer in most OECD countries face a high price per barrel is now relayed by Outlooks economic mast and a financial crisis could put in recession OECD economies" Where demand is expected to fall 2.2% in 2008, has underlined the International Energy Agency (IEA) in its monthly report. Glimmer of hope for investors? If Deutsche Bank analysts believe even for their part that the barrel could fall to $ 60, some observers believe that prices are now too low, even taking into account the decline in demand in industrialized countries. The fall of course of great concern to oil-producing countries, their oil melted in the sun, and even though they show a sharp rise in production costs. In response, the Organization of Petroleum Exporting Countries (OPEC) announced it would hold an emergency meeting on November 18 in Vienna, "to discuss the global financial crisis and its impact on the oil market" . A production cut could be considered to adjust to the request ... and raise the course.( Finance Information City )