Oil tumbles below 75 dollars on equity losses

12:49, January 23, 2010      

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Oil prices tumbled to one-month low below 75 U.S. dollars on Friday as the energy market shared a sluggish sentiment with stocks which plunged for a third day.

U.S. stocks suffered their worst one-day decline in nearly three months as bank shares tumbled after President Obama proposed to impose new limits on the size of the nation's biggest banks as well as restrict their risk-taking abilities.

There was little upbeat news from the fundamentals. A government report on Thursday showed that U.S. fuel consumption in the past four weeks fell 1.8 percent from one year earlier.

Light, sweet crude for March delivery fell 1.54 U.S. dollars to settle at 74.54 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for March delivery fell 1.98 dollars to 72.60 dollars a barrel on the ICE Futures Exchange.

Source: Xinhua
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