Oil Prices Fall on US Economic Concerns
10:21 AM Mon, Jan 07, 2008 | Permalink
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VIENNA, Austria -- Oil prices fell Monday as a report of growing unemployment in the United States raised concerns of an economic downturn that could curb oil demand, according to the Associated Press. The U.S. Labor Department said the unemployment rate jumped to 5 percent in December - its highest level in more than two years - from 4.7 percent in November. Analysts had expected December unemployment at 4.8 percent. Light, sweet crude for February delivery dropped 52 cents to $97.39 a barrel by midday in European electronic trading on the New York Mercantile Exchange. The contract fell $1.27 to settle at $97.91 a barrel on Friday. 
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