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Oil slips below $59 on global growth pessimism

PUBLISHED ON: November 12, 2008 | Duration: 0 min, 52 sec

   
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Oil prices slipped below $59 a barrel on Wednesday as investors grappled with the prospect that global growth next year will slow more than originally feared, cutting demand for gasoline and other crude products. Expectations that a snapshot of the US inventories will also show reduced consumption of oil and derivatives also acted as a drag on the market.
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