Oil prices drop by 10% in market correction

07/17/2008 | Bloomberg Businessweek

After setting a record high on July 11, oil prices have tumbled 10% since that date. Analysts are wondering if oil prices have finally hit their peak, and some are forecasting a return of oil prices to $80-$90 per barrel. The demand for gasoline in the U.S. softened by 5% compared with last year, as consumers traded in gas guzzlers for more fuel-efficient cars.

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