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News number: 8711071123

14:43 | 2009-01-26

Foriegn Policy

نسخه چاپي ارسال به دوستان

Oil Prices Slide down

TEHRAN (FNA)- Oil prices are down to $45.73 a barrel after a three-day rise in the wake of a deepening global financial crisis and stronger dollar.



US sweet crude for March delivery, plunged 74 cents to $45.73 a barrel on Monday in Singapore while London Brent oil decreased by $1.02 to $47.35.

Friday prices had soared $2.80, or 6.41 percent, to $46.47 a barrel from below $33 a barrel a week ago.

The development came as the International Monetary Fund (IMF) will reportedly cut its global growth forecast for this year.

In November, IMF predicted that advanced economies would shrink in 2009 for the first time since World War II.

The US dollar jumped nearly 1 percent against the euro to stand near the six-week high it hit on Friday.

Oil prices have plunged by some 70 percent since reaching a record high of over $147 in July, 2008, as economies around the world shrink in response to the global credit crunch.