Oil hits 3-year lows

Updated Friday, November 21, 2008 0:43 am TWN, By Mark Williams,COLUMBUS, Ohio, AP

Crude oil futures have hit levels not seen in more than three years as fresh worries about widening unemployment added to investors' list of concerns about the U.S. economy.

Oil prices Thursday fell as low as US$49.75 a barrel, levels last seen on May 18, 2005, when oil was at US$46.80 a barrel.

Light, sweet crude for December delivery is still down US$2.64, nearly 5 percent at US$50.98 a barrel on the New York Mercantile Exchange.

Meanwhile, gasoline prices at the pump fell overnight to nearly US$2 a gallon (53 cents a liter) and are now down more than 50 percent in just four months when they reached a record US$4.11 in July.

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