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Oil price drops below $80 for 1st time since October

  The price of oil has dipped below $80 a barrel for the first time since October.   Benchmark U.S. crude, which has been tumbling since May, hit a low of $79.25 per barrel in morning trading on the New York Mercantile Exchange. That’s the lowest level since Oct. 6. It rose slightly, to $79.53… Continue Reading Oil price drops below $80 for 1st time since October

Oil prices are falling as concerns about Europe outweigh positive U.S. employment numbers. Benchmark crude fell by 53 cents to $101.31 per barrel in New York. Brent crude, which is used to price foreign oil varieties that are imported by American refineries, lost 24 cents at $112.50 per barrel in London. Prices dropped as traders… Continue Reading Oil prices fall on concerns about European economy

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Oil holding below $100

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Oil is holding below $100 per barrel as investors wait for Congress to agree on a solution to the nation’s debt crisis. Benchmark West Texas Intermediate crude for August delivery on Monday dropped 70 cents to $99.17 per barrel in morning trading on the New York Mercantile Exchange. In London, Brent crude fell 68 cents… Continue Reading Oil holding below $100

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Low demand forces drop in oil prices

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Oil prices fell below $52 a barrel Friday, following a huge rally the previous day, as U.S. unemployment data showed the world’s largest economy is continuing to lose jobs. Benchmark crude for May delivery was down 86 cents to $51.78 a barrel by mid-afternoon in Europe in electronic trading on the New York Mercantile Exchange.… Continue Reading Low demand forces drop in oil prices

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