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Commodity Daily News
Crude Falls below $76 On Poor U.S. data
Monday, 19 Jul 2010
Crude Oil prices fell below $76 a barrel in early Asian trading Monday, extending the previous session's decline on concern about the U.S. economic outlook after data showed consumer sentiment fell to a near one-year low.
However, analysts said marginal slide in Oil prices shows that Crude was receiving ample support at above $74 a barrel, thanks to bullish inventory reports that showed large draw downs in U.S. Crude stockpiles over the past three weeks.
