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U.S. crude oil falls $1 as demand outlook dims
May 8, 2012 / 7:37 AM / 5 years ago

U.S. crude oil falls $1 as demand outlook dims

LONDON, May 8 (Reuters) - U.S. light crude oil futures fell more than $1 a barrel on Tuesday as signs of economic slowdown on both sides of the Atlantic deepened fears of lower oil demand at a time of ample supply from major oil producers.

U.S. crude for June slipped to a low of $96.80, down $1.14, before recovering slightly to trade around $96.85 by 0734 GMT.

Political changes in the euro zone after France elected a new leader and Greece’s inability to form a new government have shaken an already fragile outlook for the debt-laden region, while disappointing U.S. jobs data stoked concerns about growth in the world’s largest economy. (Reporting by Christopher Johnson; Editing by Alison Birrane)

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