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Crude Prices Retreat as Fed Adjusts Economic Forecasts
[2009-02-19 10:22:38]
Crude prices fell Wednesday as the U.S. Federal Reserve predicted the U.S. economy will contract further.
Author:Mu Xuequan
Source:Xinhua
The Fed projected the unemployment rate will rise to between 8.5 percent and 8.8 percent this year. In the mid-November forecasts, it predicted the jobless rate would rise to between 7.1 percent and 7.6 percent.
The Fed also said the economy will contract this year between 0.5 percent and 1.3 percent, while production at the nation's factories, mines and utilities fell 1.8 percent last month. That means a huge cut back in energy demand.
Light, sweet crude for March delivery fell 31 cents to settle at 34.62 U.S. dollars a barrel on the New York Mercantile Exchange.
In London, the March Brent contract fell 1.48 dollars to settle at 39.55 dollars on the ICE Futures exchange.
Author:Mu Xuequan
Source:Xinhua
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