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06-May2011

Crude Suffer Sharp Plunge On Concerns Of Decline In Fuel Demand

Crude prices plunged to their lowest level in last more than a month on Thursday, weighed by a surging dollar and concerns about weakening US fuel demand. The tumble in crude oil came as investors rushed to the safety of the dollar after data showed new jobless benefits claims unexpectedly surged last week to the highest level since August. Though, tensions in the Middle East and North Africa that helped push oil prices to 32-month peaks last month persisted.

Benchmark crude for June delivery shed $9.44, or 8.64 percent, to $99.80 a barrel on the New York Mercantile Exchange, in intraday trade crude oil plunged below $99 a barrel, its lowest trade since March 18. In London, Brent crude for June plummeted $10.39, or 8.57 percent, to $110.80 a barrel on the ICE.

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