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22Jun/12Off

Oil Near Nine-Month Low on Economy; Heads for Weekly Drop

Oil Near Nine-Month Low on Economy; Heads for Weekly Drop

Oil fell for a third day to the lowest level in almost nine months and headed for a second weekly decline amid signs of a global economic slowdown that may curb fuel demand.

Futures slid as much as 0.8 percent after decreasing 4 percent yesterday, the biggest drop this year. The Federal Reserve Bank of Philadelphia’s economic index signaled the biggest contraction in manufacturing in almost a year, adding to data that showed factory output shrinking in Europe and China. Prices rebounded as much as 1 percent earlier after a storm started to form in the Gulf of Mexicoand prices approached a technical support level.

http://www.bloomberg.com/news/2012-06-21/oil-trades-near-nine-month-low-amid-signs-growth-slowing-.html

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