1:30PM EST: Oil prices dipped below $66 a barrel Wednesday as investor sentiment once again seemed to shift to the growing global economic malaise and its potential impact on energy demand. Gasoline prices continued to tumble.

A day after oil staged an Election Day rally, even indications that OPEC was acting on an earlier pledge to pull 1.5 million barrels of crude a day from the market failed to support prices.

Light, sweet crude for December delivery fell $4.83 to $65.70 a barrel in middday trading on the New York Mercantile Exchange. Prices fell despite a rally in Asian stock markets after the U.S. presidential election was settled, and Barack Obama became the nation’s first black leader.

(Business Week)