/ 6 November 2000

OIL’S SLUMP ENDS BULL RUN

OIL prices extended a heavy losing streak on Tuesday, prompting dealers to herald the end of the two-year-old bull run that has slowed world economic growth. London Brent blend closed a sharp $1.50 weaker at $27.84 a barrel and has fallen by $4.04 a barrel in the last three trading days. US light crude plummeted to near four-month lows, standing $1.67 lower at the close at $29.55 a barrel, a $4.27 drop since Thursday. It fell below $30 a barrel for the first time since August 9. Analysts noted that oil was finally losing steam after a sustained run. – Reuters