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Oil Prices Sinking, OPEC to Defend $80 per Barrel Oil

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Meanwhile oil prices are sinking well below the $100 threshold.

Oil prices fell to an eight-month low below $90 a barrel Monday on speculation that the spreading financial crisis will exacerbate a global economic slowdown and cut demand for crude oil.

Significant gains by the U.S. dollar against the euro also contributed to slumping oil pric