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Oil down as US economy fears re-emerge

Associated Press Modified: November 7, 2012 at 8:01 am •  Published: November 7, 2012

For its part, the European Union cut its growth expectations for 2012 and 2013, saying the 27-country region would contract by 0.3 percent this year and grow by only 0.4 percent next year. Previously, the EU Commission was expecting flat economic growth this year and 1.3 percent growth in 2013.

A vote in Greece on austerity measures later Wednesday, needed to be approved to access bailout funds, was also weighing on markets.

Brent crude, which is used to price international varieties of oil, was down $1.14 to $109.93 on the ICE Futures exchange in London.

Other energy futures rose in New York trading:

— Wholesale gasoline fell 3.11 cents to $2.6678 a gallon.

— Heating oil lost 2.36 cents to $3.0293 a gallon.

— Natural gas fell 2.9 cents $3.588 per 1,000 cubic feet.


Pamela Sampson in Bangkok and Sarah DiLorenzo in Brussels contributed to this report.