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Oil Near $79 amid Global Economic Growth Worries

22 June 2012

Oil traded near US $79 a barrel Friday in Asia, rising slightly after signs of slowing global economic growth triggered a sharp plunge in the oil price this week. Benchmark oil for August delivery was up 51 cents to $78.71 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $3.25 to settle at $78.20, the lowest since October, in New York on Thursday. Crude fell from $84 earlier this week and has plummeted 26 percent in less than two months as signs mount of a slowdown in the global economy, led by Europe, that would reduce demand for crude.—AP