December 19. Crude Oil January contract fell to $ 33.44 in New York Mercantile Exchange on the last day of the contract. The Organization of Petroleum Exporting Countries, which pumps 40 percent of the world’s oil, agreed on Dec. 17 to cut output by 2.46 million barrels a day starting on Jan. 1. Still, prices have slumped 37 percent this month and are headed for the second biggest decline in more than five years.
Monthly Archive for December, 2008
December 19. Bank of Japan has not bought Yen since 1998, when it spent 3.05 trillion yen when the currency reached as low of 147.66.
December 19. Bank of Japan has reduced its overnight interest rate from 0.3 percent to 0.1 percent to prevent the economy from falling. The yen rose to 88.66 at 9.35 am in London from 89.28 shortly before this decision.