Oil down 52% from peak

The price of oil fell Thursday, shedding more than half its value since the summer's highs, after a government supply report signaled weak demand for petroleum products.

Light, sweet crude for November delivery fell $4.69 to $69.85 a barrel on the New York Mercantile Exchange. Oil is now down 52% from July's all-time high above $147 a barrel.

Thursday's closing price was the lowest since Aug. 23, 2007 when oil settled at $69.83 a barrel.

Read Full Article from CNNMoney.com

- Posted: 2008-10-16 15:56:02

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