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Crude futures tumble on weak U.S. retail data |
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09:46, November 15, 2008 |
Crude futures tumbled Friday after the U.S. government released worse-than-expected retail data.
The Commerce Department reported Friday that retail sales plunged 2.8 percent last month. The data refreshed investors' worries that cutbacks in spending could curb energy demand despite OPEC may cut output again.
OPEC, which produces about 40 percent of world supplies, has said it may cut production by the end of this month if prices continue to fall.
Light, sweet crude for December delivery fell 1.20 U.S. dollars to settle at 57.04 a barrel on the New York Mercantile Exchange.
Source:Xinhua
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