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Crude Realities

Oil Drops 12%

Biggest drop in seven years.

With demand for crude oil, gas and fuel falling in line with the recession, a government report showing an increase in supplies led oil futures to drop 12 percent--the largest decline in more than seven years. "We have the making of a huge glut here," said one trader in Chicago. The price of a barrel of crude closed Wednesday at $42 and futures trading are down 55 percent from a year ago. Domestic fuel consumption, meanwhile, is down 2.9 percent from a year earlier.

Read it at Bloomberg

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