Oil Dips Below $50 a Barrel
November 20th, 2008Via: CNN:
Prices fall as worry about the economy continues to drag on demand. The plunge in oil prices continued Thursday with prices falling below $50 a barrel as growing concern about the economy weighed on demand.
In the final day of trading for the December contract, U.S. crude futures fell $3.35 to $50.27 a barrel in electronic trading, but not before dipping as low as $49.91.
Oil last dipped below $50 on Jan. 18, 2007, when it traded at $49.90, according to CME Group, which operates the New York Mercantile Exchange.
More: U.S. Fuel Use in First 10 Months Fell Most Since 1981
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