Oil Prices Tumbling

Oil prices continued to drop on Monday, despite a series of pipeline attacks in southern Iraq that could halt shipments for up to a week.

On the New York Mercantile Exchange, the price of the October contract for light sweet crude finished down 90 cents at $42.28 US a barrel.

On Sunday, attackers hit five pipelines in southern Iraq, cutting off the 600,000 barrels of oil being exported from the region each day. Attacks last week had already reduced shipments from southern Iraq from the normal average of 1.8 million barrels a day.

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