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Oil plummets below $83 on global slowdown fears
Oil prices plummeted to a one-year low below $83 a barrel Friday in European trading as investor fears of a severe global economic downturn caused by the crisis in credit markets sparked a panicked sell-off of both crude and equities.
Nations:Australia Germany Japan Activities:2007-8 Oil Crisis Source:(AP)
2008-10-10
Oil plunges to 13-month low on global slowdown
The stunning collapse in oil markets accelerated Friday, sending a barrel of crude plunging below $78 as investors grow more pessimistic about resolving a mushrooming global economic crisis.
Nations:France U.S. Activities:2007-8 Oil Crisis Source:(AP)
2008-10-10
Traders look for direction on oil market
Oil prices looked for direction Thursday as traders weighed fears that a looming world recession will crimp demand against speculation that OPEC may cut output to keep prices from falling too far.
Nations:Algeria People:Hugo Chavez Activities:2007-8 Oil Crisis Source:(AP)
2008-10-09
OPEC decides to curb overall output through quotas
VIENNA, Austria - OPEC said Wednesday it would trim overall output by more than 500,000 barrels of oil a day by adhering closer to production quotas -- a compromise meant to avoid a backlash from the biggest petroleum consuming nations and stop the rapid decline in oil prices.
Nations:Russia Saudi Arabia India United Arab Emirates Algeria Ecuador Activities:2007-8 Oil Crisis Source:(AP)
2008-09-10
Oil prices slip after OPEC vows to stick to quota
NEW YORK - Oil prices fluctuated in jittery trading Wednesday after the Energy Department reported larger-than-expected drops in the nation's crude and gasoline inventories.
Nations:United Arab Emirates Mexico Japan Activities:2007-8 Oil Crisis 2008 Hurricane Ike 2008 Hurricane Gustav Source:(AP)
2008-09-10
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