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US Economy Drives Oil Prices Down

VIENNA, Austria -- Oil prices fell Monday as concerns about the U.S. economy overrode expectations of increased fuel demand from a winter storm pummeling the United States with snow, sleet and freezing rain, according to the Associated Press.
Prices initially opened higher, in response to the wintry conditions. But by midday in Europe, light sweet crude for January delivery had shed 48 cents to $90.79 a barrel in electronic trading on the New York Mercantile Exchange.

Posted by Peter C. T. Elsworth  at 9:35 AM to Crude oil market | Permalink

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