Oil Falls 5.4% in Biggest Drop Since 2004

NEW YORK -- Crude oil prices fell more than 5.4 percent on Friday in the biggest one-day slide since 2004 as dealers turned their focus to rising supply levels and weakening global demand. A rebound in the U.S. dollar encouraged the sell-off, applying downward pressure across the commodities markets by weakening the purchasing power of buyers using other currencies, dealers said.
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Posted by Editor at August 25, 2008 07:35 AM