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Oil prices have fallen to below 52 dollars a barrel in European trading, after OPEC failed to agree on production cuts at a meeting in Cairo on Saturday.
(AP:COLUMBUS, Ohio) Oil prices tumbled below $50 a barrel Monday as manufacturing activity in the U.S. hit a 26-year low, a showing that was much worse than expected.
Dec. 1 (Bloomberg) -- U.S. stocks declined, halting a five- day advance, on growing concern the global economic slump is deepening and consumers’ access to credit is shrinking.
By Dominic Lau
The Toronto stock market plunged about 600 points in early trading Monday due in part to tumbling oil prices. New York markets were also hit with profit-taking amid weak expectations for the U.S. holiday shopping season.
(RTTNews) - Stocks remain firmly negative during early afternoon trading on Monday, with profit taking contributing to the weakness in the markets. The major averages are all posting steep losses after showing a strong upward move in the holiday-shortened week last week.
NEW YORK, Dec 1 (Reuters) - U.S. product differentials may counter big declines in new NYMEX benchmarks but cash New York Harbor heating oil is seen capped amid ample supply and thin demand due to moderate Northeast temperatures, traders said.
LONDON: Oil fell more than US$3 (US$1 = RM3.63) to below US$51 a barrel yesterday after Opec decided to wait until mid-December to make a further cut in output to try to defend sagging prices.
Energy and financial stocks pace a sharp drop in U.S. equity price, as economic reports from around the world compound anxiety about a global recession.
TORONTO - The Toronto stock market was down more than 600 points late in the morning, its slide led by big losses in energy and financial stocks - the two most powerful sectors - erasing almost half of its 14 per cent gain last week.
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