Oil down to 53 USD

Friday, October 9, 2009

"It looks like $50 is a support level," said Gerard Rigby, an energy analyst with Fuel First Consulting in Sydney. "But when it gets up to $54, people take profits. No one wants to get too bullish."

Prices have fluctuated between about $50 and $54 a barrel this week as investors grapple with the impact the global economic slowdown will have on crude demand.

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