Oil prices plunge further

Singapore, December 23:

Oil prices fell further below $40 in Asian trade on Tuesday in a market plagued by weak energy demand, dealers said.

New York’s main futures contract, light sweet crude for delivery in February, dropped to $39.31 a barrel in afternoon trade.

The contract had fallen to close at $39.91 on the New York Mercantile Exchange on Monday. Brent North Sea crude for February fell to $40.88 a barrel. The price went on skyrocketting in international market four months ago.