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OIL PRICES * USA - Oil settles at $77.99 a barrel
Oil prices briefly plunged below $79 a barrel Friday, dropping to the lowest level in nearly 13 months...
New York,NY,USA -The Associated Press/The Trucker -10 Oct 2008: -- ... Investors grow more pessimistic about the prospects for resolving a mushrooming global economic crisis... Light, sweet crude for November delivery fell $8.63 to settle at $77.99 a barrel on the New York Mercantile Exchange. It was the lowest settlement price for a front-month crude contract since Sept. 10, 2007... Crude has now lost about 45 percent since hitting a record $147.27 on July 11. Tumbling as a deepening credit crisis caused by the subprime mortgage fiasco wreaks havoc around the globe and drives down energy demand... Underscoring Americans' waning appetite for fuel, a gallon of regular gasoline dropped 5.3 cents overnight to a new national average of $3.35 a gallon, according to auto club AAA, the Oil Price Information Service and Wright Express... ("Oil is mirroring the stock market right now. There's a total lack of confidence. It's fear driving more fear," said Phil Flynn, energy analyst at Alaron Trading Corp. in Chicago)Labels: oil prices
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