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Deutsche Welle

Weak demand has seen the price of oil fall to a three-and-half year low, selling for under 50 dollars a barrel in London. Meanwhile, European stocks fell to their lowest level since March 2003 early on Thursday. This follows a sharp drop on Asian stock markets. Benchmarks in Japan and Hong Kong lost around 7 percent amid fears of a protracted recession. On Wednesday, the US federal reserve lowered projections for economic activity in 2009.