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Oil Prices Plunge Over Economic Downturn Fears After Bailout Rejection


Oil prices fell sharply Monday as the U.S. House of Representatives voted against a $700-billion government plan to rescue troubled U.S. financial institutions.

The price of a barrel of oil for future delivery dropped more than $10 to hit $96.26 a barrel at the close of New York trading Monday.

Traders worried that rejection of the controversial plan could hurt U.S. economic growth, and cut demand for energy.

Some information for this report was provided by Bloomberg.

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