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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Oil price slides under $55 AFP - Wednesday, November 12 LONDON (AFP) - - Oil prices sank under 55 dollars a barrel on Tuesday to strike a 21-month low as frresh recession worries sparked fresh fears about slowing global energy demand, traders said. On London's InterContinental Exchange (ICE), Brent North Sea crude for delivery in December plunged 4.16 dollars to 54.92 dollars per barrel -- a level last seen on Janury 30, 2007. At the same time, on the New York Mercantile Exchange (NYMEX), light sweet crude for December tumbled 4.09 dollars to 58.32 dollars, the lowest level since March 21, 2007. "The short-term focus continues to be on weak demand," Barclays Capital analysts wrote in a research note to clients. Oil prices extended earlier losses on Tuesday after Wall Street skidded lower in opening trade, with investor sentiment unsettled by fears about a collapse of General Motors and more poor corporate news amid the credit crisis. The market was also undermined by the strengthening dollar which tends to dampen oil demand because dollar-priced crude becomes more expensive for buyers holding weaker currencies. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike Oil price dives under 55 dollars per barrel in LondonAFP - Wednesday, November 12 Oil price slides under $55AFP - Wednesday, November 12 Oil prices rise on hope China's stimulus will stoke demandAFP - Tuesday, November 11 Ecuador to ask OPEC for exception to cutbacksAP - Tuesday, November 11 Enlarge Photo Oil rigs extracting petroleum. Oil prices sank under 55 dollars a barrel on Tuesday to strike a 21-month low as frresh recession worries sparked fresh fears about slowing global energy demand, traders said. Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Top Stories Viewed Britney Spears's son hospitalized: statement US expands record bailout of insurance giant AIG In Obama's victory, Americans see legacy of Lincoln Obama, Bush discuss world of challenges Swiss fear more pressure on bank secrecy after Obama victory View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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