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Nymex Edges Up from 3-1/2-Yr Low Struck in Asian Hours

Posted:02/12/2008 10:23 by Alex Brittain
Nymex crude for January delivery was edging up from its lowest level since May 2005, struck during Asian trading hours. Prices hit a low of $47.35 around 0200 GMT but remain near these levels, down $1.10 at $48.12. Brent crude is also down $1 at $46.90, near its lowest point since February 2005 of $46.02, hit around 0800 GMT. OPEC, the producers' cartel that accounts for about 40% of global crude output, at the weekend delayed any talk of a cut in output. The group will meet again in Algeria on Dec 17. click here to return to the top of the page
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