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Oil prices have tumbled below $70 a barrel after the government reported bigger-than-expected jumps in U.S. crude and gasoline inventories. Investors took the news as more evidence that an economic slowdown is curbing demand for energy.
Light, sweet crude for November delivery was down $4.61 to $69.93 a barrel on the New York Mercantile Exchange, crude's lowest trading level in nearly 14 months.
Oil prices have now dropped by more than 50 percent since peaking at $147.27 on July 11. |
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