Oil prices dive to $40

Oil prices slumped to record prices since 2005. In London Brent crude was traded Monday at $40 per barrel. US job losses are thought to drive crude oil further down in the next period as financial recession is crawling in most world economies.

• Opec member countries expressed concerns over diving oil prices in their last emergency meeting in Cairo but delayed their expected cut decision to Oran meeting in Algeria.
• Opec president Chakib Khelil described the delay as strategy from the organization to assess the market and take an appropriate cut. It would also be inappropriate to announce a cut which can not implemented on the ground. This is the major concern of OPEC member countries which apparently not all of them respected the last cut decision.