Oil Falls Below $80 on Recession Fears in Worst Week Since May
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Oil sank below $80 a barrel and capped the biggest weekly drop since May as a pledge by Group of 20 nations to tackle rising risks failed to ease concern that the global economy is on the brink of another recession.
Futures fell 0.8 percent in New York as losses in silver, lead, gold and zinc took the Standard & Poor’s GSCI Index of 24 commodities to its lowest level since December. Prices trimmed an intraday decline as equities and the euro rebounded on speculation global central banks will take coordinated measures to prevent a financial crisis.