From Bloomberg:
Crude oil was steady after falling 22 percent this week to plunge below $36 a barrel for the first time since June 2004 amid declining demand and the weakening economy.
Oil for delivery in future months has dropped less than the contract for January as supply has swollen in the storage hub for crude traded in New York. The U.S. Energy Department said consumption will be lower in 2009 because of the recession. OPEC agreed Dec. 17 to cut output by 2.46 million barrels a day.
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