Dubai crude price falls below $50 per barrel

By Park Sae-jin Posted : January 7, 2015, 16:59 Updated : January 7, 2015, 16:59

 

The price of Dubai crude oil fell below US$50 per barrel.

According to the Korea National Oil Corp. (KNOC), the Dubai crude dropped $2.90 a barrel to close at $48.08 on Tuesday (local time), the lowest since April 28, 2009. Dubai crude accounts for more than 80 percent of the country's imports of petroleum.

The crude price fall comes after an OPEC decision not to cut crude oil supply, which was made in November last year. OPEC stands for the Organization of Petroleum Exporting Countries.  

The Dubai crude has since then plunged more than $25 per barrel.

WTI (West Texas Intermediate) crude futures also fell $2.11 to $47.93 a barrel on the New York Mercantile Exchange (NYME), while Brent crude futures declined $2.01 to close at $51.10 on the ICE futures exchange in London, the KNOC said.

In Singapore, regular gasoline dropped $3.10 per barrel to $56.22 and diesel fell $3.38 to $64.77.
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