Oil prices extend losses as equities spiral lower

New York's main futures contract, light sweet crude for May delivery, dipped by a dollar to hover slightly above US$50, while Brent North Sea crude for May stands at US$52.7. A more than one dollar fall was seen in oil prices in response to concerns over falling global stock markets in response to news that recession has deepened in Europe in Q4-08, broadening recession and the bearish outlook for energy demand, coupled with the strengthening dollar, that makes dollar-priced crude more expensive for buyers using other currencies.
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