Oil prices hit record low

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Oil prices hit record low

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Oil prices hit record low in the month of June in the international market.

27 June,2011 01:21 pm

Oil fell in New York due to the slow US economic expansions and the International Energy Agency’s announcement of releasing more stockpiles to stabilise prices.The crude oil prices shrank by $1.11 a barrel and future contracts were at $90.05 during the electronic trade in New York Market.The future deals for crude oil in the in London were made at $102.74 a barrel with a drop of $2.40.The bankruptcy of Greece and fear of economic meltdown in Europe is a cause of shrinking oil prices in international markets.