World
 
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New York crude hits near 10-month low
AFP
LONDON
Petroleumworld.com 10 12 06
The price of New York crude oil hit 57.24 dollars per barrel on Thursday, marking the lowest point since December 19, 2005, as traders questioned the nature and timing of an OPEC output cut.
New York's main contract, light sweet crude for delivery in November, slid 35 cents to reach the level in electronic deals before the official opening of the US market.
It later stood at 57.33 dollars, a decrease of 26 cents from Wednesday's close.
New York crude has shed 27 percent in value since striking a historical record high of 78.40 dollars in mid-July.
"The market is still waiting in anticipation of news from OPEC about a cut production which is yet to be formally agreed upon," said Sucden analyst Michael Davies.
The 11 members of the cartel have agreed to slash output by a million barrels a day, in a move aimed at shoring up sliding world crude prices.
However, analysts were awaiting exact details of the cut.
Traders were meanwhile gearing up for the weekly update on crude stockpiles from the US Department of Energy later Thursday. The release is due a day later than usual owing to Monday's Columbus Day holiday.
Since striking record high points earlier this year, world crude futures have crashed on fading geopolitical tensions in the Middle East, an uneventful US Atlantic hurricane season, and bulging US energy stockpiles.
AFP 12 1024 GMT 10 06
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