By JERUSALEM POST STAFF
Crude tumbled Friday and the price for a gallon of gasoline in the US fell below year-ago levels for the first time in 2008, even as OPEC announced a huge production cut in an attempt to halt the declines.
Crude prices have now fallen 56 percent from the highs reached in July, and more than $41 per barrel in just the last 30 days.
OPEC said at an emergency meeting Friday that it will slash oil production by 1.5 million barrels to stem the "dramatic collapse" of oil prices, but crude prices plunged 5 percent anyway as financial markets spiraled downward across the globe.
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