oil falls below 50

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    Oil falls below $US50

    November 21, 2008 - 6:25AM

    Crude oil fell below $US50 a barrel in New York for the first time in almost two years as a recession in the US, Europe and Japan cut global energy demand.

    Oil has dropped nearly $US100 from its July record as the world economic crisis reduced global demand growth to its weakest in 23 years. Crude oil's continuing slide will add to concern that the US economy faces deflation, threatening investment in oil and gas production projects.

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