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Article: Energy prices slump on Labor Department report
- Article from:
- AP Online
- Article date:
- August 11, 2009
- Author:
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Energy prices slumped Tuesday on a Labor Department report that suggested consumer spending, a major economic driver, may be depressed for some time as companies cut back.
Benchmark crude for September delivery fell $1.37 to $69.23 a barrel on the New York Mercantile Exchange after falling 33 cents to settle at $70.60 on Monday.
The national average for retail gas fell for the first time in three weeks.
Oil prices have ended the week higher for five straight weeks, a period that coincides with earnings reports from U.S. companies. The results appeared surprisingly healthy, which gave energy prices a boost on the belief that the recession has loosened its grip.
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