Oil drops to less than half of July high

The Associated Press

Oil prices closed at a new 14-month low beneath $70 a barrel Oct. 16, bringing its price to less than half its July record high after the government reported massive increases in U.S. crude and gasoline supplies. Investors took the news as more evidence that a global credit crisis and a shaky econom....

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Crude down 52.5% from July

Analysts doubt cut would help