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Politics : Rat's Nest - Chronicles of Collapse
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To: Wharf Rat who wrote (5108)11/18/2006 10:48:58 PM
From: mistermj  Read Replies (1) of 24232
 
Oil tumbles to lowest level since June 2005

LONDON (Reuters) - Oil briefly dropped below $55 Friday to its lowest level since mid-2005 amid fund selling across commodity markets on worries of an economic slowdown in the world's largest energy consumer, the United States.

High U.S. oil inventories heading into winter, and selling pressure ahead of the expiry of the front-month U.S. crude contract at the close of trading Friday, fueled the selling.

U.S. crude was down 61 cents at $55.65 a barrel at 1600 GMT after hitting its lowest level since June 14 last year at $54.86. The price has fallen nearly 30 percent from the record of $78.40 in July. London Brent crude rose 11 cents at $58.65.
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