Oil prices fall further

Staff reporter

Staff reporter

World oil prices fell to below $55 a barrel on Friday, extending the week's losses to almost 10%. Crude prices have tumbled since the start of the new year as warm weather in America has curbed demand for heating oil in the northeast of the country. The slump has extended from the end of last year despite efforts by the Organisation of Petroleum Exporting Countries to cut production. Oil prices have retreated by more than one-third from record highs above $78 a barrel in August last year, when the market was in the grip of tension over Iran, Nigeria and wider geopolitical frictions. - With Sapa-AFP

X