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World Oil Prices Fall Sharply

World oil prices have fallen about eight percent from last week's $70 high.

The markets are reacting to Friday's announcement that industrialized nations were releasing emergency reserves to make up for interruptions caused by Hurricane Katrina.

In London Monday, the price of a barrel of crude oil for October delivery dropped to $64.70, falling nearly $1.50 from Friday's close. New York markets are closed for the Labor Day holiday.

Analysts say the release of two million barrels of oil per day from International Energy Agency strategic stockpiles will ease the oil crisis in the United States caused by Katrina.

The devastating hurricane shut down refineries, offshore production, oil imports and shipping throughout the entire U.S. Gulf Coast region.

Some information for this report provided by AFP and AP.