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Oil drops to less than $54 a barrel, about the level back in January 2007
CommentsOil slipped below $54 a barrel Wednesday as stock markets across the globe fell and yet another U.S. government report illustrated just how far the nation’s housing market has dropped.
Governments, businesses and consumers have slashed energy use, which has halved the price of crude since record highs in July.
Light sweet crude for December delivery fell 77 cents to settle at $53.62 a barrel on the New York Mercantile Exchange. That’s about where prices were in January 2007.
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