Oil prices lower

Oil prices have fallen to almost four-year lows after more bad economic data in the US, including unemployment benefit rises and big job cuts.



US light crude fell more than $3.12 a barrel to $43.67, its lowest level since January 2005.



London Brent fell by a little over three dollars to $42.24 a barrel, also a near four-year low.



Analysts forecast that the price could fall as low as $30 a barrel should China fall into recession and Opec fail to cut production.



Analysts claim that with demand vanishing across all key oil-consuming regions, a strong rebound is unlikely.



Despite this worst-case scenario, analysts predict an average oil price of 50 dollars a barrel in 2009.