Oil prices were mixed, with the New York contract expiring below $34 a barrel, as weak global demand weighed on the market.
The benchmark contract's expiration yesterday prompted intense speculative action, analysts said.
The contract for New York's light sweet crude for delivery in January expired at $33.87 a barrel, down $2.35 from its Thursday close. The contract dived to an intraday low of $32.40, a level last seen on February 9, 2004.
The New York contract for delivery in February, which becomes the market reference beginning Monday, finished 69 cents higher at $42.36.
In London, Brent North Sea oil for February delivery rose 64 cents to settle at $44.00.
"Crude fell as concerns over a global economic slowdown weighed on sentiment," said Sucden analyst Nimit Khamar.
Investors in the New York contract for January delivery raced to sell before the contract expired. Oil stockpiles in Cushing, Oklahoma, where New York oil is stored, are at maximum capacity.
Incapable of parking more oil there at the end of yesterday's session, investors were forced to sell off, independent analyst Ellis Eckland said.
In response to the fresh price falls, Opec president Chakib Khelil said yesterday the cartel would keep reducing output until prices stabilise, just days after the 13-member group approved the biggest production cut in its history.
The Organization of the Petroleum Exporting Countries (Opec), which produces about 40 per cent of the world's crude, agreed Wednesday to cut output by 2.2 million barrels per day (bpd) in a bid to shore up prices.
