Crude falls 2% on Rising Dollar, Economic Worries

SAN FRANCISCO -- Crude-oil futures tumbled more than 2% to below $123 a barrel Friday, extending crude's weekly losses to nearly 5%, as economic worries continued and as the dollar gained ground after the better-than-expected U.S. durable goods data. Investors were increasingly worried that economic slowdown will dampen oil demand. In the face of falling consumption, investors sold crude contracts and pushed prices 4.8% lower this week.
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Posted by Editor at July 25, 2008 01:00 PM