Oil prices decline sharply

Oil prices decline sharply
# 26 November 2008 09:47 (UTC +04:00)
Oil prices fell on Tuesday as traders banked profits following sharp gains won a day earlier and fretted over a weak global economic picture likely to keep energy demand depressed.
Crude oil for January delivery declined $3.73, or 6.8 percent, to settle at $50.77 a barrel at 2:42 p.m. on the New York Mercantile Exchange. Futures have dropped 66 percent since reaching a record $147.27 on July 11.
Brent crude oil for January settlement dropped $3.58, or 6.6 percent, to settle at $50.35 a barrel on London’s ICE Futures Europe exchange.
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