Price of oil down 10% on economy woes

OIL prices dropped nearly $1 to below $60 a barrel yesterday.

Sat, 11 Jul, 2009 - 01:00

Prices were set for the biggest weekly fall since January as economic concerns sent investors seeking safer havens.

US crude fell 98 cents to $59.43 a barrel, while London Brent crude traded down $1.05 to $60.05 a barrel.

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