Jan 26th 2011
Oil plummets to eight-week low
Brent crude for the March settlement dropped 1.5% to $95.17bl on the ICE Futures Europe exchange, Bloomberg reported on Tuesday 25 January. The eight-week low was a result of a surprise 0.5% contraction in the UK economy and weak economic data in the US that shook confidence in the global recovery. But Brent crude opened the trading session on Wednesday morning at $96.49/bl, almost recovering the previous day's loss, on forecasts of rising Chinese demand.
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