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Oil prices take a hammering

Crude oil plunged yesterday, recording its biggest loss for two years, with an influential US job report, due out later this afternoon, likely to extend the drop

Crude oil plunged yesterday, recording its biggest loss for two years, with an influential US job report, due out later this afternoon, likely to extend the drop. The market blamed yesterday’s price plunge on worsening economic conditions, government budget tightening and automated selling triggers for the plunge. The US Labor Department is due to release its job report at 1300 GMT, giving traders further insight into the health of the world’s biggest economy. Brent crude oil fell to a session low of $109.02/b, down $12.17 or 10% on the day. US WTI oil ducked below $100/b for the first time since March. Other investors said that it appears the market has peaked, citing the multi-billion d

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