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LONDON, May 27: Oil prices tumbled further from recent record peaks on Tuesday as traders took profits amid growing fears about energy demand from key consumer the United States, analysts said.
They said the worst US consumer confidence figures in 16 years alongside new home sales data prompted fresh concerns that the US economy will slow sharply, dampening demand.
New York’s main oil futures contract, light sweet crude for July delivery, dived $1.92 to $130.27 a barrel. Brent North Sea crude for July delivery plunged $2.35 to $130.02.—AFP
