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NYMEX crude oil fell briefly below US$60 (S$90) a barrel on Friday in Asian trade on deepening worries that energy demand would weaken as the global economy slips into a sharp downturn, dealers said.
New York's main contract, light sweet crude for December delivery dropped to US$59.97 a barrel, down 80 cents from its close of US$60.77 at the close of floor trading on Thursday on the New York Mercantile Exchange (Nymex).
The contract later gained ground, trading above the US$60 level at US$60.22 but was still below its Thursday close.
Fears of a sharp global downturn have heightened after the International Monetary Fund said on Thursday advanced economies would contract in 2009 for the first time since World War II.
In sharp downward revisions to its last economic projections made less than a month ago, the IMF said the advanced economies were now seen shrinking by 0.3 per cent in 2009, instead of the prior estimate of 0.5 per cent growth.
Prices have plunged from record highs above US$147 a barrel in July on worries that slowing global growth, especially in the United States, would hit energy demand.
The United States is the world's biggest energy user. -- AFP
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