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dropped below $100 a barrel for the first time since July on signs global
economic growth will slow, curbing fuel use. West Texas Intermediate oil
slipped to a four-month low on speculation
Brent futures touched $98 a barrel as the International Monetary Fund cut its global growth forecast and urged European policy makers to take action to bolster growth.
economy will expand 3.3 percent this year, less than the 3.5 percent forecast
in January, after 3.2 percent growth in 2012, the Washington-based IMF said
today, cutting its 2013 prediction a fourth consecutive time. The IMF sees the
euro area shrinking 0.3 percent, compared with a 0.2 percent drop estimated in
tumbled yesterday after data showed
government report tomorrow will probably show that
Brent oil for June settlement fell $1.09, or 1.1 percent, to $99.54 on the London-based ICE Futures Europe exchange.
WTI crude for May delivery slipped 27 cents, or 0.3 percent, to $88.44 a barrel on the New York Mercantile Exchange. Prices fell as much as $2.65 to $86.06 earlier.
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