Reuters: Oil falls 3 percent on recession fears
Oil fell for a third day on Thursday, plumbing a 13- month low near $72 as commodity investors again rushed for the exit on fears of a collapse in demand growth, with the world economy tilting toward recession.
Bleak U.S. economic data and warnings from the Fed that tough times are not over led Wall Street and Japan’s Nikkei to their worst day since the 1987 stock market crash, wiping out earlier optimism fed by government steps to avert a financial meltdown.
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