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Sydney - Tuesday - November 8: (RWE Australian Business News) - US equities picked up in late trading as investors responded to the lowest oil price for three-and-a-half months.
Traders had little else to work on without any serious data released overnight.
The December crude dropped $1.11 to $59.47 barrel and even hit a low of $58.60 during trading on the New York Mercantile Exchange.
Futures have fallen 17 per cent since posting a record high of $70.85 on August 30.
December heating oil fell 3.47c, or almost 2 per cent overnight, to $1.7615 a gallon in New York.
Prices touched $1.7465, the lowest since August 8, while a high of $2.21 was posted on September 1.
Analysts are now speculating which way prices will go as US growth slows and interest rates keep rising, especially after last week's Fed increase.
The retreat in the crude price was triggered by reports of higher-than-normal …