Posted AT 3:45 PM EST on 04/09/08
Oil prices tumble after U.S. supplies report
NEW YORK — Oil prices closed at their lowest level in five months Thursday as a lower-than-expected drop in U.S. gasoline supplies gave traders more reason to believe that a cooling economy is forcing Americans to drive less.
Light, sweet crude for October delivery fell $1.46 (U.S.) to settle at $107.89 a barrel on the New York Mercantile Exchange.
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