Oil prices plunge 20% from year's peak on weaker U.S., China demand - Nikkei Asia
Oil prices plunge 20% from year's peak on weaker U.S., China demand - Nikkei Asia
TOKYO -- Crude oil prices have fallen 20% from a September high to a four-month low as economic slowdowns in the U.S. and China, the two largest consumers, lead to widespread expectations that demand will weaken.
West Texas Intermediate crude oil futures closed at $72.90 on Thursday, down 5% from Wednesday and the lowest level since early July. Prices rebounded somewhat to the $74 level on Friday morning.
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