LONDON, Sept 16: Oil prices fell on Tuesday, slipping under $89 on the belief that weak economic growth will result in lower energy demand, traders said.
Opec on Tuesday cut its world oil demand growth forecast for 2008 to 1.02 per cent from 1.17 per cent previously, in the face of falling demand already occurring in the United States, the world’s biggest energy consumer.
The price of crude oil has now plunged by about 40 per cent since striking record highs above $147 in July.