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Oil falls below $94
 NEW YORK (AP) -- Oil prices closed at their lowest level in two weeks Thursday, tumbling below $94 a barrel on doubts that a revamped financial bailout plan will be enough to avoid a protracted economic slump and revive dwindling U.S. energy demand.Light, sweet crude for November delivery fell $4.56 to settle at $93.97 a barrel on the New York Mercantile Exchange. It was crude's lowest settlement since Sept. 16. Prices earlier jumped as high as $100.37 but eased back later as traders digested the details of the revised bailout package. The November crude contract fell $2.11 to settle at $98.53 on Wednesday. In other Nymex trading, heating oil futures fell 13.74 cents to settle at $2.7095 a gallon, while gasoline futures fell 10.5 cents to settle at $2.255 a gallon. Natural gas futures lost 24.7 cents to settle at $7.481 per 1,000 cubic feet. In London, November Brent crude fell $4.77 to settle at $90.56 a barrel on the ICE Futures exchange. Posted by: Steve White 2008-10-03 |
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