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WEDNESDAY, NOVEMBER 25, 2009
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Oil Prices Plunge to 5-Year Low

OPEC expected to slash production to push up prices

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(Newser) – Oil prices continue to plunge as demand slackens amid the global economic downturn. Oil has dropped 19% drop this week, the biggest weekly decline in five years, reports Bloomberg. Prices have tumbled 70% since reaching a record $147.27 in July, and  some predict prices may dip as low as $25 a barrel. OPEC will announce a cut in output at its next meeting Dec. 17, according to a spokesman.

 "We think prices should start stabilizing after the OPEC meeting," said an analyst. "Still, a bottoming process is likely to extend well into 2009.''

An oil production platform in the North Sea. Oil is heading for the lowest prices in five years.
An oil production platform in the North Sea. Oil is heading for the lowest prices in five years.   (AP Photo/Oddvar Walle Jensen, Scanpix/file)
Oil pump jacks work in a field in Texas. Oil is heading for the lowest prices in five years.
Oil pump jacks work in a field in Texas. Oil is heading for the lowest prices in five years.   (AP Photo/Pat Sullivan, File)
Oil traders gesture as they work in the oil futures pit at the New York Mercantile Exchange in New York. Oil has slumped to below $44 an gallon and may as low as $25.
Oil traders gesture as they work in the oil futures pit at the New York Mercantile Exchange in New York. Oil has slumped to below $44 an gallon and may as low as $25.   (AP Photo/Kathy Willens)
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Shannonals
Dec 5, 08 4:11 PM CST
Oil prices dropping is a bad thing? Reply
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