Light, sweet crude for January delivery is down to US$40.06 on the New York Mercantile Exchange- a price last seen in July 2004. Despite an announcement by OPEC of a record production cut of 2.2 mln bbpd, oil prices have collapsed below US$40 for the first time since the summer of 2004.
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Monday, December 22, 2008
Oil prices collapse below US$40, currently at over 4 year lows
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