Oil price drops below $45/barrel

Oil price drops below $45/barrel
# 03 December 2008 16:44 (UTC +04:00)
London–APA. Oil price dropped below $45/barrel in the world market after OPEC refused to cut daily output, APA reports. London Brent crude settled at $44.87 a barrel, the lowest price since February 2005. OPEC deferred a decision to cut supplies in Cairo summit.
OPEC made double decisions to cut supplies this year, but refused it for the third time.
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