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Thu 4 Dec 2008 07:01 AM

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Oil falls to below $46 - close to four-year low

Fears of deepening global economic woes continue to see relentless slide in price.

Oil fell below $46 a barrel on Thursday, to almost four-year lows, on fears of deepening economic woes, which overshadowed bullish weekly US oil stocks data.

US light crude for January delivery fell 89 cents a barrel to $45.90 by 6.24am UAE time, having earlier fallen as low as $45.75. London Brent crude fell $1.09 to $44.35.

The oil price has fallen by more than $100 from its record high of more than $147 a barrel in July.

Although many in OPEC are concerned at the unrelenting drop in crude oil prices, the group deferred a decision on production cuts on Saturday until the group meets again in Algeria on Dec. 17.(Reuters)

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