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    World oil prices rebound slightly after heavy falls

    AFP
    03.10.2008 - 12:39 | Son Güncelleme:

    World oil prices rebounded slightly on Friday, after falling heavily on concerns that energy demand is shrinking because of a U.S.-led global economic slowdown, dealers said.

    New York’s main contract, light sweet crude for November delivery, won 59 cents to $94.56 a barrel in electronic trading.

    London’s Brent North Sea crude for November gained 74 cents to $91.30 a barrel.

     

    "People are realizing that the decline in demand is probably not just a U.S. phenomenon," said David Johnson, an oil analyst with Macquarie Securities in Hong Kong.

     

    "I think people are just becoming a little bit more bearish over their outlook for oil consumption over the next 12 to 15 months."

     

    Oil prices slumped by about $4.50 on Thursday, despite the U.S. Senates approval of a government plan to buy up to 700-billion-dollars worth of tainted mortgage-related assets.

     

    The House of Representatives in Washington was Friday to vote on the revised rescue package that the government hopes will ease pressure on the U.S. economy.

     

    The market was also dampened on Wednesday by a surprise jump in crude inventories in the United States, which is the world’s biggest consumer of energy.

     

    Oil had already dropped sharply from record high levels above $147 a barrel reached in July.

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