Concerns of deteriorating demand amid slow global growth depresses oil below US$55 a barrel

Oil prices recoiled after surprisingly good US industrial output figures, but later fell amid more warnings of layoffs and reduced demand. As concerns of deteriorating demand amid slowing global growth rise, oil prices have dropped. US light, sweet crude settled at US$54.4 in Europe, while contracts for Brent North Sea crude dipped to US$51.83 a barrel. If these downward pressures continue, oil may soon dip to US$50.
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