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Oil prices drop below 50 dollars, hit 3.5-year lows

Posted by hidayathfund on November 20, 2008


LONDON: Oil prices sank under 50 dollars a barrel in London on Thursday, reaching the lowest levels for three and a half years, as the market was 
plagued by weak energy demand.

Brent North Sea crude for delivery in January tumbled to 48.54 dollars a barrel — last reached in May 2005. The contract had closed on Wednesday at 51.72 dollars.

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