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December 17th 2008 Economy, Energy

Oil tumbles below $40 for first time since 2004

Oil prices tumbled below $40 for the first time since the summer of 2004 Wednesday despite an announcement from OPEC of a record production cut of 2.2 million barrels a day.

Hmm…even faster than I had anticipated.

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Comments on this post:

  • Barry
    December 17th, 2008 | #1

    There’s still more room down below. Looks to me as though there is little hope of the economy turning for another 6 months or so. Oil will continue to slide. I’m betting on $32 by Feb.

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