Oil prices plunge amid worries about demand following reports of poor earnings from US

The end of last week tumbled on Friday as demand concerns mounted, following poor earnings reports from US companies and a disappointing EU crisis summit. Additionally, a stronger dollar has added to market woes. New York's main contract, light sweet crude for November, plunged by over two dollars from Thursday to finish at US$90 a barrel, while Brent North Sea crude for delivery in December plunged to US$110.1 in London. Lack of rapid progress toward a full banking union at a two-day European Union summit in Brussels that concluded on Friday has also added to the concerns.
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