Oil Prices Fall To Near Four Year Low

New York, NY, Dec. 4, 2008–Oil prices fell Thursday to lows last seen nearly four years ago as more bleak news from the world’s largest economy raised fears crude could tumble below $40 by the end of the year.

After sinking more than $1 earlier in the day to approach levels traded at in February 2005, light sweet crude was trading at $46.10, down 69 cents in electronic trading on the New York Mercantile Exchange by noon in Europe. The contract fell 17 cents overnight to settle at $46.79.

“You could see prices testing $40 by the end of the year because the economic data is really ugly at the moment,” said Christoffer Moltke-Leth, head of sales trading at Saxo Capital Markets in Singapore.

Oil prices have tumbled about 69 percent since peaking at $147.27 in July.