Tuesday, January 15, 2008

Oil falls sharply on economy worries (AP)



An unidentified western female journalist, right, listens to Saudi Arabian Oil Minister, Ali Naimi, during a press conference, Tuesday, Jan. 15, 2008, at a hotel in Riyadh, Saudi Arabia. Saudi Arabia will raise oil production costs only when the market justifies it, the Kinkdon's oil minister said Tuesday, in response to President Bush's request that OPEC nations increase output to reduce world oil prices. (AP Photo/Hasan Jamali)AP - Oil futures dropped sharply Tuesday as a dismal retail sales report confirmed a growing view among investors that the economy is slowing and that demand for energy is likely to fall.




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