[BBC] Oil price hits low of $US117

The price of crude oil is continuing to hit new lows, dropping to $US117 a barrel in futures trade overnight.

At about 6.30am AEST, West Texas crude was down 59 cents to $US118.58 a barrel.

That helped boost United States stocks, with New York's Dow Jones index adding 40 points to 11,656.

Troubled mortgage finance provider Freddie Mac reported a second quarter loss of just over $US900 million, three times larger than expected.

The Australian dollar slipped further against the United States currency, buying about 90.7 US cents.

[from : http://www.abc.net.au/news/stories/2008/08/07/2326613.htm?section=world]

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  Finally, the oil price becomes to reduce.
  Extually I felt this Tuesday when I visited a gas station.
  The cost already is lower more then 10 cents to compare with last week's price.
 
  But, the oil price still is high.
  When I arrived Australia on Jul 2004, that time that price was about 90 cents per liter.
  Nowadays almost $1.5 per liter.