Crude oil futures slumped again on Monday on report of Japan unexpectedly slipping into recession in the third quarter, raising concerns over global economic recovery. The prices were also weighed down by the strength in dollar against other major currencies. Meanwhile, Japan said its economy unexpectedly contracted by an annualized 1.6 percent in the July-September quarter, following a 7.3 percent contraction in the prior quarter, forcing Prime Minister Sinzo Abe to postpone a second sales tax increase.
Benchmark crude oil futures for December delivery declined by $0.18 or 0.2 percent to close at $75.64 a barrel after trading in a range of $76.18 and $74.71 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for January delivery were down 0.37 percent at $79.12 a barrel on the ICE.
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