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Oil Falls As Traders Bet on Weak Demand

Oil futures fell Wednesday, extending overnight declines as many investors indicated they doubt that the U.S. Federal Reserve's surprise cut in its key interest rates will stave off a serious economic slowdown that would dampen demand, according to the Associated Press.

Light, sweet crude for March delivery lost $1.71 to $87.50 a barrel in electronic trading on the New York Mercantile Exchange by mid-afternoon in Europe.

Posted by Peter C. T. Elsworth  at 10:11 AM to Crude oil market | Permalink

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