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Recession fears haunt commodity markets

LONDON, October 17, 2008 (AFP) - World commodity prices tumbled this week, with oil striking a 17-month low point under 66 dollars a barrel in London, as fears of a global recession weighed on demand for raw materials.
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"The fears about this global credit crisis leading to an extended economic slump, and perhaps a recession, really are causing investors to bail out," said Victor Shum from the Purvin and Gertz energy consultancy.

OIL: The price of crude oil on international markets plunged over the week despite a muted rally on Friday.

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London's Brent North Sea crude hit a 17-month low point at 65.

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45 dollars per barrel on Thursday.

New York's main contract, light sweet crude, tumbled to settle at 69.

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85 dollars on Thursday, the first time the benchmark contract had closed below the 70-dollar level since August 2007.

After this week's fresh price falls, OPEC said Thursday that it would hold an extraordinary meeting next Friday -- instead of in November -- to discuss the global financial crisis and its impact on the oil market.

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The news caused crude prices

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