Oil report

EU carbon price hits all-time 2008-12 low

LONDON, Jan 19 (Reuters) - The price of permits to emit carbon dioxide CFI2Z9 in the European Union hit a record low on Monday for the second trading period of the bloc's emissions trading scheme from 2008-12.

European Union allowances (EUAs) hit 11.78 euros a tonne at 1440 GMT, falling below 11.80 euros for the first time for the 2008-12 period.

The price of the benchmark 2009 contract hit an all-time low last week below the previous record of 12.80 euros. EUAs fell to near-zero in the first trading phase of the scheme from 2005-07, since dubbed a trial period.

The scheme limits emissions of heat-trapping CO2 from industrial installations including steel and power plants.

The price of permits has fallen on dwindling industrial carbon emissions as a result of recession and lower output, as well as falling energy demand and lower oil and gas prices.