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Article: Oil falls below $49 amid uncertain outlook
- Article from:
- AP Online
- Article date:
- April 27, 2009
- Author:
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Oil prices fell below $49 a barrel Monday as worries about the severe global recession were compounded by fears of the swine flu suspected of killing over 100 people in Mexico.
Analysts predicted that oil prices were unlikely to strengthen significantly soon.
Benchmark crude for June delivery was down $2.75 to $48.80 by mid-afternoon in Europe, in electronic trading on the New York Mercantile Exchange. On Friday, the contract Friday jumped $1.93 to settle at $51.55.
In London, Brent prices fell $2.64 to $49.03 a barrel on the ICE Futures exchange.
Oil has traded near $50 a barrel this month, about a third of its record high in July, as the global economy remains ...