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Oil Prices Plunged On Iraqi Militant Leader Death

Oil prices plunged below $70 on Thursday

Oil prices have dropped below $70 a barrel on news that Iraqi militant leader Abu Musab al-Zarqawi was killed in Iraq.

In New York the light sweet crude futures fell as low as $69.35 a barrel before rebounding to close cents higher at $70.44.

In London, a barrel of Brent crude fell 14 cents to $69.05.

On Wednesday, former US central bank chief Alan Greenspan had warned that oil prices were hurting the US economy.