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| Version 2 | Version 3 |
|---|---|
| Unemployment data hits oil price | Unemployment data hits oil price |
| (4 days later) | |
| Oil prices have fallen by more than $1 a barrel as rising US unemployment has led to further fears of weakening demand for oil among US consumers. | Oil prices have fallen by more than $1 a barrel as rising US unemployment has led to further fears of weakening demand for oil among US consumers. |
| US light, sweet crude settled down $1 at $40.17 a barrel while London Brent slipped 25 cents to $46.21. | US light, sweet crude settled down $1 at $40.17 a barrel while London Brent slipped 25 cents to $46.21. |
| The US unemployment rate rose to 7.6% in January, up from 7.2% in December, according to official figures - the highest level since 1992. | The US unemployment rate rose to 7.6% in January, up from 7.2% in December, according to official figures - the highest level since 1992. |
| The rapid rise in unemployment suggests the US recession is deepening. | The rapid rise in unemployment suggests the US recession is deepening. |
| Companies as well as individuals are cutting back on spending. | Companies as well as individuals are cutting back on spending. |
| Prices had moved ahead at one point as Wall Street rallied on optimism that the Senate would pass President Obama's new stimulus package. | |
| Cutbacks | Cutbacks |
| The economic slowdown has curbed demand for fuel around the world. Its current price is more than $100 below the record price of close to $150 a barrel seen last July. | The economic slowdown has curbed demand for fuel around the world. Its current price is more than $100 below the record price of close to $150 a barrel seen last July. |
| Officials from the producers cartel, the Organization of the Petroleum Exporting Countries (Opec) have said that current price level is too low for its members to make enough revenue or encourage investment in new supply. | Officials from the producers cartel, the Organization of the Petroleum Exporting Countries (Opec) have said that current price level is too low for its members to make enough revenue or encourage investment in new supply. |
| Last month Opec agreed to cut a further 2.2 million barrels per day (bpd) in a bid to increase the price, on top of the 2 million bpd scale-back it put in place in September. | Last month Opec agreed to cut a further 2.2 million barrels per day (bpd) in a bid to increase the price, on top of the 2 million bpd scale-back it put in place in September. |