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Oil & Gas

Oil Prices Drop Amid Weakening Demand for Crude

August 08, 2011
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According to The Associated Press, oil prices extended losses to near $86 a barrel on Friday amid fears that a slowing global economy will weaken demand for crude, but recovered from earlier lows on reports of an explosion at a pipeline in Iran. By early afternoon in Europe, benchmark oil for September delivery was down 28 cents to $86.35 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, it fell as low as $82.87. On Thursday, crude tumbled $5.30 to settle at $86.63. In London, Brent crude gained $1.20 at $108.45 per barrel on the ICE Futures exchange. Oil and other commodities were dragged down by a plunge in global stock markets as traders lost confidence in U.S. economic growth. The Dow Jones industrial average sank 4.3 percent Thursday and stock markets in Asia and Europe were also sharply lower Friday.

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