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Oil prices sink to new record

Latest update : 2008-12-11

In a couple of days, OPEC will decide whether to cut oil production. Meanwhile crude prices on the New York market were down to 66.20 during the day, a price-low that was last reached in June 2007.

Crude oil prices careened lower Wednesday on news of surging US energy reserves that highlighted falling demand in a cooling global economy gripped in a credit squeeze.

A sharp rise in the dollar also put pressure on the dollar-priced commodity, making it more expensive for buyers using relatively weaker currencies.

Brent crude oil plunged five percent, to a 16-month low below 65 dollars a barrel.

In London, Brent North Sea crude for December delivery fell to 64.59 dollars, its lowest level since May 9, 2007.

New York's main contract, light sweet crude for December, slid to 66.73 dollars a barrel, a low last seen on June 14, 2007.

Date created : 2008-10-22

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