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Oil hovers near 4 1/2-year low as demand concerns overshadow largest-ever OPEC output cut

Published 12/18/2008, Associated Press

Light, sweet crude for January delivery edged up 47 cents to $40.53 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. Earlier, it fell as low as $39.19 - a level not seen since at least July 2004.

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