Crude oil prices plunge on weak U.S. economic data

Wednesday, 28 January 2009, 05:54 Hrs
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New York: Crude oil prices plunged nine percent Tuesday as weak U.S. economic data raised investors' concerns on energy demand.

U.S. consumer confidence dropped to a record low in January, the Conference Board, an economic research group, said. The index edged lower in January to 37.7 from a revised 38.6 in December.

Meanwhile, U.S. home prices plunged in November compared with the same period in the previous year. The Standard & Poor's/Case-Shiller 20-city index of home prices tumbled by a record 18.2 percent, while 10-city index dropped 19.1 percent.

Light, sweet crude for March delivery was down $4.15 a barrel, or nine percent, to settle at $41.58 on the New York Mercantile Exchange.

In London, the March Brent contract fell by $3.23 to settle at $43.73 on the ICE Future Exchange.
Source: IANS
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