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Brent crude oil falls over $2 on recession worries

Published 09/05/2011, 10:19 AM
Updated 09/05/2011, 10:24 AM
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LONDON, Sept 5 (Reuters) - Brent crude oil futures fell more than $2 per barrel on Monday as concerns over the possibility of a double-dip recession in the United States were deepened by poor economic data out of China.

ICE Brent futures for October fell $2.14 to a low of $110.19 before recovering slightly to trade around $110.40 by 1414 GMT.

The dollar also rose against other currencies, while the euro slipped. The dollar often moves inversely to oil and other key commodities because they are generally priced in the U.S. currency on international markets.

China's services sector grew in August at the lowest pace on record, a private survey showed, as new orders ebbed and tightening measures to rein in an exuberant property sector started to pinch.

Global growth in services came to a virtual standstill last month as new business all but dried up, adding to fears that the world economy is facing a second recession. (Reporting by Christopher Johnson; editing by James Jukwey)

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