New Year's Eve trade,Oil falls below $39

Oil prices fell below $39 a barrel on Wednesday in Asia in light New Year's Eve trading as investors pondered a global economic slowdown that's dragged crude down some 60 per cent this year.

Light, sweet crude for February delivery fell 70 cents to $38.33 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract overnight fell 99 cents to $39.03.