Crude Oil Prices Plummet

July 15, 2008

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Crude oil prices fell $6.44 on the New York Mercantile Exchange Tuesday, the biggest decline in dollar terms since the Gulf War -- yet prices are no lower than they were a week ago, reports the Associated Press.

Fears of what record fuel prices are doing to the economy sparked a sell-off, and crude settled at $138.74 a barrel after at onep point dropping more than $10 from the day's high.

This comes after oil prices hit a record $147.27 Friday.

Meanwhile, the OPEC oil cartel is predicting world oil demand will rise by 900,000 barrels a day in 2009 -- 100,000 barrels per day less than this year.

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