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LONDON, November 12, 2008 (AFP) – Oil prices sank under 53 dollars a barrel here on Wednesday, hitting the lowest level since January 2007, as traders worried about weaker demand for energy amid a gloomy economic outlook. In afternoon London trade, Brent North Sea crude for delivery in December plunged to 52.88 dollars a barrel, a level last seen on January 22, 2007.

New York’s main contract, light sweet crude for December, dropped to 56.41 dollars a barrel, which was last witnessed on March 20, 2007.