Crude oil fell below $36 a barrel for the 1st time since June 2004 as declining demand created a glut of crude and the weakening economy undermined OPEC’s efforts to reduce supply. Crude oil for January delivery dropped $3.84, or 9.6%, to $36.22 a barrel at 2:47 p.m. on the New York Mercantile Exchange, the lowest settlement since June 29, 2004. Futures touched $35.98 during today’s session. Prices have tumbled 75% from a record $147.27 on July 11. The January contract expires tomorrow. (Bloomberg)

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