Brent crude oil price hits all-time low

The price of Brent crude oil has hit an all-time low, after a week in which the threat of renewed hostility between Iraq and the U.S. brought a brief respite for producers. London's International Petroleum Exchange (IPE) said Brent crude oil for January delivery crashed to $11.20/bbl Nov. 18, breaking the previous low of $11.30/bbl on Oct. 5, 1988. After President Saddam Hussein kicked United Nations weapons inspectors out of Baghdad earlier in the month, the Washington and London governments began once again to amass military forces around the Persian Gulf. The renewed political tension helped push Brent crude for December delivery to $12.42/bbl at the close of trading on N...

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