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Crude oil prices fall to lowest point since June

Crude oil prices plummeted to the lowest point since June Thursday while Hurricane Wilma swerves away from oil and gas infrastructure.

New York's main contract, light sweet crude for delivery in November, closed down 1.38 dollars at 61.03 dollars a barrel after trading as low as 59.85 dollars for the first time since July 28.

In London, the price of Brent North Sea crude for December delivery slid 69 cents to 57.91 dollars per barrel in closing deals, after earlier touching 57.12 dollars -- its lowest level since July 25.

The US Hurricane Center said Thursday Wilma's winds eased to 145 mph as the storm headed for Florida, where the 80,000 residents of the Keys were ordered to evacuate today. The hurricane appeared unlikely to approach coastal Texas and Louisiana, where much of the US oil infrastructure is concentrated and which is still recovering from damage caused by hurricanes Katrina and Rita.

Crude futures in New York are now some 15 percent lower since reaching 70.85 dollars per barrel on August 30, after Hurricane Katrina damaged oil installations in the US Gulf region.


Source: xinhua