U.S. crude oil futures fell almost 7 percent on Tuesday on worries about declining demand after a government report showed the U.S. economy shrank by more than estimated during the third quarter. Oil prices also felt pressure as U.S. stock prices fell after the weak economic data, following a two-day rally on Wall Street. The focus in the oil markets is again on softening demand in the wake of a weak GDP. Profit-taking also cut down energy futures' values, ahead of weekly inventory data due out on Wednesday, in which analysts forecast a build in crude supplies.
26 November 2008
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