Tuesday, October 28, 2008

Oil at 17-month low

Crude oil prices fell Tuesday after a report showed a decline in consumers' gasoline use last week, fanning fears of a drop in demand.U.S. crude for December delivery ended the day down 49 cents to $62.73 a barrel. The close was the lowest since oil settled at $62.55 on May 16, 2007.Concern about falling demand has driven oil down more than 57% from a record high of $147.27 in July. Retail gas prices averaged $2.629 a gallon overnight.

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