Oil retailers cut prices 60-80 satang

 West Texas crude slid to US$40.81 a barrel on Monday when Dubai crude was traded at $38.83.

 Energy academic Thienchai Jongpipian said due to global economic slowdown, oil consumption in 2009 is expected to rise by half of normal annual increase of 1.2 million barrels a day. He is convinced that crude oil price next year would be around $40-$50 a barrel.

 "Petrol prices are now cheaper than crude oil prices and refiners are taking losses. Though diesel remains expensive but there is concern that once the winter passes, the price could fall," he said.