Oil drops below $35 a barrel

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HOUSTON -- Oil prices continue to tank. Prices slid to $34.53 a barrel this morning. That’s the cheapest they have been since February 2009.

The drop is fueled by an oversupply and concerns that things are about to get even worse--once sanctions on Iranian oil are lifted early next year. It's all prompting Shell to cut 2800 jobs. Experts say more of that may be to come.

Prices bounced back to $36 a barrel after the initial morning low, but they are expected to stay in the dumps for some time.