Crude, Gasoline, Heating Oil Tumble on Economy: Oil Products
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Crude oil, gasoline, and heating oil fell at least 6.8 percent, with crude sinking below $100 as commodities plunged the most since 2009. The declines came after U.S. jobless claims climbed, adding to concern that growth will slow, affecting fuel demand. Ethanol also declined.
The dollar advanced against the euro, reducing the appeal of dollar-priced commodities, after European Central Bank President Jean-Claude Trichet said inflation risks will be watched “very closely,” signaling the ECB may wait until after June to raise rates.