Oil went up to 45 dollars per barrel.

The price of oil in the system of electronic bidding for the New York Mercantile Exchange NYMEX December 11, 2008 exceeded the mark of 45 dollars per barrel. By 16:20 Moscow time value of the contract for the supply of oil in January 2009 stood at 45.52 per barrel, while futures contract for delivery in February - 47.99 dollars per barrel.
The reason for the rising cost of oil was a statement by Saudi Arabia to lower oil production, reported Bloomberg. In November 2008, the country produced 8.493 billion barrels of oil per day, which is 287 thousand barrels less than forecast production the International Energy Agency (IEA).
The price of oil since the beginning of 2008 almost continuously increased and reached a record high of 147 dollars per barrel in mid-July. However, due to declining demand for minerals caused by the global financial crisis, the price of oil by December of this year fell below 50 dollars a barrel.
According to the World Bank forecast, issued on 9 December 2008, the cost of oil in 2009 will decrease relative to the average this year at 26.4 per cent to 74.5 dollars per barrel. 100 dollar threshold oil prices could move only in 2015, when the world economy fully recover from the effects of the crisis.