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Oil plunges after the profit-takers swoop
26.10.09
Oil fell back below $80 a barrel today as investors took profits from last week's one-year high on renewed concerns about the global economy's strength.
The price of crude fell 92 cents to $79.57 in New York having surged above $80 a barrel.
“The market is cautious about pushing oil prices higher because the ... world economy is still fragile,” said Ryuichi Sato of Mizuho Corporate Bank.
