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Oil Prices Drop on Recession Fears


Crude oil prices have fallen to their lowest level in three months, on concerns that the U.S. economy may be entering a recession which will lessen the demand for energy.

Prices for March delivery fell $2.22, or 2.5 percent, settling at $86.99 a barrel at the end of Wednesday's trading on the New York Mercantile Exchange.

Overall, oil prices have dropped about 13 percent since hitting a record high over $100 a barrel on January 9.

Investors will get a look at U.S. oil and gasoline supply levels Thursday, when the U.S. Energy Department releases its weekly inventory report.

Some information for this report was provided by AFP and AP.

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