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Oil prices fall below US$98 on EU concerns
OIL prices slid alongside global stock indexes yesterday with Europe’s economic stability again under intense scrutiny.
Benchmark West Texas Intermediate crude lost US$1.64, about 1.7 percent, to end the day at US$97.77 per barrel in New York. Brent crude, which is used to price foreign oil varieties imported by US refineries, gave up US$1.39, or 1.3 percent, to finish at US$107.08 per barrel in London.
Major US stock indexes fell around 2 percent in midday trading, but losses were more severe in Europe.
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