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Oil prices dropped again

December 17 2008

Oil prices on world markets on Tuesday were down 2% amid fears of investors about the fall in demand for "black gold", even though the decision of the U.S. Federal Reserve to change the target rate from 1% to 0.25%, informs RIA Novosti news .

January futures price for North Sea petroleum mix of mark Brent Crude Oil at London exchange ISE (InterContinental Exchange Futures) following trades fell by 0.04 dollar - up to 44.56 dollars per barrel. On the New York Stock Exchange NYMEX (New York Merchantile Exchange) cost of the January futures price of U.S. light crude oil Light Sweet Crude Oil fell by 0.91 dollar - up to 43.60 dollars per barrel.

Earlier Tuesday Open Market Committee of the U.S. Federal Reserve decided to lower the target rate from 0% to 0.25% from 1%. In September 2007, the rate was at 5.25% - the current administration the Fed took 15 months to lower it below the one percent level.

The previous administration under the leadership of Alan Greenspan took 30 months before had been achieved one percent threshold in 2003. The current decrease in the base interest rate is historically low. Over the past 50 years the rate dropped to a level of one percent only once.

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