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Oil falls amid concerns about global economy
The price of oil fell yesterday as investors weighed positive US economic news against ongoing concerns about Europe. Benchmark oil dropped 59 cents to end at US$91.89 per barrel in New York. Brent crude, which is used to price international varieties of oil, fell 62 cents to US$111.57 per barrel in London.
CoreLogic, a private real estate data provider, says a measure of US home prices jumped 4.6 per cent in August compared with a year ago. That’s the largest year-over-year increase in more than six years. The new data provides more evidence that the housing market continues to improve.
But investors remain concerned about Europe's ongoing financial crisis after Spain's prime minister said a request for bailout funding isn't imminent. Slower growth in China, which is a huge importer of oil, has also kept a lid on oil prices. Slower growth can cut demand for oil and other energy products.
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