Fears of global recession spin oil prices into freefall

10/27/2008 | Bloomberg

Crude prices already have fallen to a low not seen since May 2007, and analysts say that they may drop 41% this month, which would be the biggest decline since futures started trading in New York in 1988. OPEC, which decided last week to cut production by 1.5 million barrels a day starting in November, may not wait until its meeting in December to cut output again, an analyst said.

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