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November 20, 2008 Thursday
Updated

LONDON - OIL prices sank to less than US$50 (S$76.48) a barrel in London on Thursday, reaching the lowest levels for three and a half years, as the market was plagued by weak energy demand.

Brent North Sea crude for delivery in January tumbled to US$48.54 a barrel - last reached in May 2005. The contract had closed on Wednesday at US$51.72.

 
Jobless benefits to be extended

WASHINGTON - WITH weekly jobless claims benefits at a 16-year high, the White House said on Thursday that President George W. Bush would sign quickly legislation pending in Congress to provide further unemployment benefits.

Asia braces for economic crisis

MANILA (Philippines) - ASIAN countries led by economic powerhouses China and Japan want an expanded regional emergency fund in place next year to better shield the region from the impact of the global financial crisis, officials said on Thursday.

US stocks point lower

NEW YORK - FRESH worries about widening unemployment added to investors' long list of concerns about the fate of Detroit's three automakers and the broader economy. The concerns weighed on stock market futures a day after stocks fell more than 5 per cent.

   
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