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The era of US$20 oil is almost here as crude prices hit 12-year lows

New York

THE world mostly ignored Ed Morse 11 months ago when the head of commodities research at Citigroup said oil could drop as low as US$20.

It's paying attention now that crude has tipped below US$30.

BP plc slashed 4,000 jobs, Petroleo Brasileiro slashed its spending...