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October 16th, 2008

Crude Prices Still Falling

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As of 11:30 a.m., crude oil prices have dropped 6.4% to $69.73 a barrel, the first time in 14 months a barrel of crude has dipped below $70:

“The bottom line is that demand has dropped considerably, and … reduced demand is putting a lot of pressure on the oil prices,” said Charles Perry, president of energy-consulting firm Perry Management.

“This will continue until there is a reduction in supply,” with that cut likely coming from members of the Organization of the Petroleum Exporting Countries, he said. “Then prices will remain stable until there is an improvement in the world economy.”

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