Oil Sinks Below $55, Economy Destroys Demand

From Yahoo News/Reuters:

LONDON (Reuters) – Oil dropped to a 22-month low under $55 on Thursday as evidence piled up global recession would have a deep impact on demand and news OPEC might take more emergency action did only a little to halt the sell-off.

U.S. crude futures was down a cent at $56.15 by 1136 GMT, recovering from a session low of $54.67 -- the weakest level since January 30, 2007.

London Brent crude fell 25 cents to $52.12.

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