Oil prices down to lowest level in 13 years amid market turmoil

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Oil prices down to lowest level in 13 years (Shutterstock.com file photo)

Oil prices are down again as investor fret over the state of the global economic recovery and a glut in supply. The benchmark New York rate is down another 4 percent at $26.34 a barrel, its lowest level in 13 years.

Stock markets in Europe and Asia have had a big down day and there's no sign of any relief coming when Wall Street traders return to their desks. Futures markets are now predicting a 312-point, or 2 percent, reverse when the Dow opens.

Gold has hit a year-high around $1,235 an ounce as it gains support through its perceived status as a store of safe value in times of market stress.

The yen is also gaining support through its safe haven status. Earlier, the dollar fell to a 14-month low around 111 yen.

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financeu.s. & worldoil
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