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Oil drops 9 pct as demand outlook overshadows OPEC

Posted on 19 December 2008

From Guardian: U.S. crude prices dropped more than 9 percent to $36 a barrel on Thursday as slumping demand and swelling U.S. inventories offset OPEC’s record supply cut agreement.

The Organization of the Petroleum Exporting Countries on Wednesday agreed to cut output by 2.2 million barrels per day from January to counter oil’s collapse from record highs above $147 a barrel in July….. Full Article: Source


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