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10:51, December 01, 2007 |
Crude prices fell below 90 U.S. dollars a barrel Friday on weakening demand and expectations that the Organization Petroleum Exporting Countries (OPEC) would raise output next week.
U.S. demand for oil fell 0.8 percent in September compared to a year ago and is at its lowest level since April 2006, according to the latest report.
Meanwhile, analysts said OPEC output is already on the rise and expect further production hikes.
Light, sweet crude for January delivery fell 2.07 dollars to 88.94 a barrel on the New York Mercantile Exchange.
Crude futures have declined more than 10 percent below the all-time high of 99.29 a barrel set last week.
Source: Xinhua
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