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Crude prices plunge on negative economic data
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08:35, February 02, 2008

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Crude futures plunged Friday due to renewed worries on U.S. recession as employers cut jobs in January.

The Labor Department said Friday that employers cut 17,000 jobs last month, the first reduction in more than four years and a sign that the economy continues to weaken.

The Commerce Department said construction spending decreased by a record 2.6 percent last year, mostly reflecting record cutbacks in home-building projects by private companies.

Meanwhile, the Organization of Petroleum Exporting Countries said Friday in Vienna that output levels will not be increased out of concerns that a weakening global economy will result in softer demand.

Light, sweet crude for March delivery lost 2.79 U.S. dollars to 88.96 dollars a barrel on the New York Mercantile Exchange after falling as low as 88.46 dollars a barrel.

In London, Brent crude futures fell 2.77 dollars to 89.44 dollars a barrel on the ICE Futures exchange.


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