June 1, 2012 10:12 AM

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Oil slumps further

Oil prices have further declined because of weak data from the largest consumer United States and strengthening of dollar on worries of a possible Spanish bailout.Brent North Sea crude for July slumped to 101.27 US Dallars per barrel, which is the lowest level since October 5.New York's main contract, West Texas Intermediate crude for delivery in July, tumbled to 85.86 US Dollars a barrel, which was last seen on October 24.

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