November 20, 2012

Oil prices have slumped on fresh economic strains caused by a downgrade to France’s credit rating, and on easing Middle East supply concerns amid hopes of an Israel-Gaza truce, analysts say.

New York’s main contract, light sweet crude for delivery in January, slid $US2.61 to $US96.67 a barrel.

Brent North Sea crude for January shed $US2.30 to $US109.40 a barrel in late London deals. Oil prices had struck one-month highs on Monday after gains of about two US dollars a barrel on the Israel-Gaza violence.

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