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Oil prices sink to 20-month low

November 12, 2008

Oil prices fell to their lowest level in 20 months on Tuesday.

Crude oil futures on the New York Mercantile Exchange settled at $59.33 a barrel, down 5 per cent. Prices have plummeted since hitting a peak of $145.29 a barrel in July.

Some countries, like Saudi Arabia, can afford to see lower prices for a while, while the price drop is already hurting producers like Iran and Venezuela.

Most oil analysts feel, OPEC would cut production by another million barrels a day in December.

Image: A petrol pump in New Delhi. | Photograph: Dijeswar Singh/Saab Press

Also read: US job market at its worst in 15 years

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