NEW YORK (AP) - Oil prices dipped below $75 a barrel Wednesday, a new 13-month low, as OPEC reduced its 2009 petroleum demand forecast amid signs that the global economy is headed for a severe downturn.
Light, sweet crude for November delivery fell $2.95 to $75.68 a barrel on the New York Mercantile Exchange after earlier sliding to $74.57, the lowest trading level since Sept. 5, 2007.
Oil prices have now plummeted 48 percent since peaking at $147.27 on July 11.
Wednesday, October 15, 2008
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