The price of crude oil moved lower on Tuesday, briefly touching a 22-month low.
Light sweet crude for December delivery closed down 56 cents at $54.39 per barrel on the NY Mercantile Exchange.
Prices touched as lower as $53.96 intra-session, the lowest level for a front month contract since January 2007.
Trading took place as world oil officials hinted even more strongly at another drop in crude production.
News reports said Russian Energy Minister Sergei Shmatko said the world appeared headed toward a sharp deficit of oil
productioncapacity, and Russian sources could reduce output and exports if they became non-profitable.
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