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Oil Drops Below $79 Following Consumer Confidence Report

Wednesday February 24, 2010

Oil fell more than $1 Tuesday to below $79 a barrel following a report that showed declining consumer confidence, Bloomberg reported.

Oil fell $1.30 to close at $78.86 a barrel on the New York Mercantile Exchange following the consumer confidence report released earlier in the day by the New York-based Conference Board.

Crude futures had finished the trading day Monday at $80.16 a barrel, topping $80 for the first time in six weeks.

World oil demand is projected to rise 1.9% this year over last year, the Paris-based International Energy Agency said earlier this month.

Demand last year fell 1.5% from 2008, according to IEA figures, Bloomberg said.

Diesel’s national average price jumped 7.6 cents Monday to $2.832 a gallon, the first increase in six weeks, the Department of Energy reported.

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