The price of Organisation of Petroleum Exporting Countries (OPEC) basket of 12 crudes fell further to $46.69 a barrel Wednesday, compared with $48.99 the previous day, representing the lowest price since April 2009.The meltdown in crude oil prices fueled by oversupply and sluggish demand growth has caused the commodity to plummet more than 55 per cent from its June peak of $107.
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