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01.08.2016 20:40:18
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Oil Drops Below $40 As Free Fall Continues
(RTTNews) - Crude oil futures briefly plunged below $40 a barrel for the first time in three months Monday.
Nymex Sept. oil fell $1.54, or 3.7%, to end at $40.06 a barrel.
Analysts say markets are oversupplied. A stronger dollar has also hurt oil prices.
The Institute for Supply Management released a report on Monday showing that growth in the manufacturing sector slowed in the month of July.
The ISM said its purchasing managers index dipped to 52.6 in July from 53.2 in June, although a reading above 50 still indicates growth in the manufacturing sector.
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