Falling for fourth consecutive session, crude oil prices plunge by US$5 for the week

Falling for fourth consecutive session, crude oil prices have plunged by five dollars in the week to hover around US$75. Light, sweet crude for September delivery dipped to settle at US$75.3 on the Nymex, while Brent crude on the ICE futures exchange fell to US$75.1. A rising dollar coupled with worries of slowing global economic recovery continues to weigh on prices. Persistently high unemployment in USA amid slower growth in Asia and Europe has added to the concerns. The Federal Reserve has acknowledged that the pace of recovery has slowed amid higher than expected weekly jobless claims in USA. Oil inventories continue to remain above average- gasoline inventories rose for the seventh consecutive week.
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