Oil Slick

The global economy keeps on tanking and along with it so does the price of a barrel of oil.

AP: Oil prices fell to near a 20-month low of $60 a barrel Tuesday as hopes waned that a huge Chinese spending plan will do much to avert a prolonged slowdown in the global economy.

Light, sweet crude for December delivery was down $1.95 to $60.46 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. Earlier in the session, it fell as low as $59.32 before rebounding.

The contract overnight rose $1.37 to settle at $62.41.

In London, December Brent crude fell $1.84 to $57.21 a barrel on the ICE Futures exchange.

Oil closed at $60.77 on Nov. 6, the lowest closing price since March 2007, and has fallen about 59 per cent since reaching a record $147.27 in mid-July.


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