Since last week, crude futures have declined more than 10 percent below the all-time high of 99.29 a barrel.

A report from U.S. intelligence agencies that concluded Iran has halted nuclear weapons programs also helped send down prices.Light, sweet crude for January delivery was down 99 cents to 88.32 dollars a barrel on the New York Mercantile Exchange.

January Brent crude fell 27 cents to 89.53 dollars a barrel on the ICE futures exchange in London.

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