A commitment by Group of 20 nation leaders to confront risks dragged down oil futures to its lowest price in one-and-a-half months, according to Bloomberg.
As worries spread about the onset of a double-dip recession for the global economy, crude oil dropped more than 3 percent in value as a follow-up to Thursday's 6.3 percent drop. Thursday saw commodities across the board drop in value and the trend is likely to continue next week amid fears the U.S. and China are likely to see a reduced pace of economic growth as indicated by a Bloomberg News survey.
"Oil prices have reacted strongly to the deterioration of the economic environment," states a Friday report penned by analyst Christophe Barret with Credit Agricole.
At 3:34 p.m. on Friday, crude oil futures dropped 1.19 percent, a $1.26 slide to $104.23 per barrel.
Reuters reports many Libyan oil fields have again resumed shipping the energy commodity, but others are still suffering the consequential damage from the violent civil uprising to remove Muammar Gadhafi from the presidency. Some oil workers were surprised that the oil fields and their tools were not more damaged when Gadhafi was on his way out of power, akin to what Saddam Hussein ordered when fleeing Kuwait in 1991.
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