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Oil Price Plunges to 3+ Yr Low As Recession Kicks In

Posted:02/12/2008 13:13 by Oliver Scott
Oil prices have fallen to the lowest level in more than three years and signs that the U.S., the world's largest energy consumer, may be experiencing the longest decline since World War II. Markets are increasingly concerned that the world wide economic decline is too pronounced to be fixed any time soon and a world wide recession will curtail energy demand. OPEC's decision not to cut output for now adds to pressure on oil prices. As of 10:31GMT the January Nymex future is down 26 cents per barrel at USD 48.02, after trading in a range of USD 47.35 to USD 49.19 per barrel. click here to return to the top of the page
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