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Thursday, May 12, 2005

Oil price below $50

Oil falls below $50
CNN Money
May 12, 2005: 7:11 AM EDT

LONDON (Reuters) - Oil dropped below the $50 threshold Thursday as a strengthening U.S. dollar extended a heavy fall driven by rising U.S. crude stocks and signs of slowing global demand growth.

Sentiment was also dampened by a report from the International Energy Agency (IEA) saying that high fuel prices were slowing oil demand growth in key markets China, Europe and the U.S.
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CNN Money: Oil falls below $50

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