Crude oil prices plunge by over 2 dollars on fears of stalled economic recovery

Light, sweet crude for August delivery plunged by over US$2.50 to US$72.95 a barrel on concerns over the diminishing pace of economic recovery, negatively impacting expectations for increased oil demand. This is the lowest oil prices have ebbed since June 8 and also the lowest single-day decline since June 4. Fears of a decline in the pace of economic recovery have been triggered by disappointing US reports on manufacturing, unemployment, home sales and construction, adding pressure to a market already edgy over an apparent slowdown in growth in China.
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