Crude prices slide below $40 a barrel

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Traders fear the economic downturn will spark a slump in demand for energy, and have ignored Opec's cut in production.

Crude fell $1.85, or more than 5%, to $38.66 in New York today. In London, it slumped $2.17 to $38.66.

Members of Opec last week indicated they will reduce crude sales in February. Worldwide consumption is forecast to fall by a million barrels a day this year.

"The health of the global economy is the dominant consideration in the short term, and that is weighing down on prices," said BNP analyst Harry Tchilinguirian.

Opec may further curb production if prices continue to fall, an official at the production group said today.

But prices quoted for futures contracts in coming months show investors forecasting that oil prices will recover.

The March contracts are trading close to $46 a barrel, while the April contracts are above $49.