PERTH // Oil fell to a more than two-week low below $37 a barrel today, extending a near 8 per cent overnight loss, as investors grew more pessimistic about energy demand on indications the world economy will slow down sharply. Worsening recessionary signs forced investors to flee risky assets such as commodities and take refuge in the safe haven of US Treasury bonds yesterday, while Asian shares fell on concerns about the United States sinking further into recession.
US light crude for February delivery fell 93 cents to $36.66 a barrel this morning, the weakest level since Dec 26 London Brent crude fell 40 cents to $42.51. *Reuters
