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Oil declines a third day on global economic slowdown, rising crude supply

Posted on 04 October 2011

Oil dropped a third day in New York as investors speculated that Europe’s debt crisis will slow the economy and curb fuel demand as crude supplies climb.
Futures slipped as much as 2.2 percent after falling to the lowest settlement in more than a year yesterday. European governments signaled investors may have to take bigger losses on Greek debt and Goldman Sachs Group Inc. cut its forecast for Japan’s economic growth. U.S. crude inventories climbed for a second week, an Energy Department report tomorrow may show. Libya may raise production to more than 500,000 barrels a day by the end of this month……………………………………….Full Article: Source


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