UPDATE

UPDATE AT 10 AM ON NOVEMBER 13

Crude oil fell to the lowest in 21 months on speculation

demand will decline further as the economies of the major

consuming nations contract.

U.S. gasoline purchases dropped 4.2 percent last week, the

29th consecutive week of decline, MasterCard Inc. reported

yesterday. Asian stocks slumped and China's industrial production

grew at the slowest pace in seven years.

Crude oil for December delivery declined as much as $1.13, or 2

percent, to $55.03 a barrel, and traded at $55.54 at 12:03 p.m.

Singapore time on the New York Mercantile Exchange. Earlier,

prices fell to $55.03 a barrel, the lowest since Jan. 30, 2007. Futures

have tumbled 62 percent from the record $147.27 on July 11.


Oil has also fallen on speculation that the International Energy

Agency will cut its global demand estimate today and the U.S.

will report that stockpiles gained.