Oil prices fell sharply yesterday and are now hovering at their lowest levels since mid-2005, raising the prospect of significant changes in the outlook for corporate profits, consumer spending and the global economy.
Crude oil fell another $2.14, or 4%, to $51.88 a barrel yesterday on the New York Mercantile Exchange. The price has plunged 15% since the year began, and hasn't closed as low since May 27, 2005. Oil is now down 33% from its record finish of $77.03 on July 14.
Well the question is "how drop in oil prices stimulate growth"??? over to the floor for discussions
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