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Oil prices tumble 5% on recession fears

World oil prices tumbled five percent Friday on growing fears over possible recession in the United States and elsewhere, according to traders.

US contract, WTI, plunged 5.5 percent to $111.12 per barrel and European benchmark, Brent North Sea crude, also retreated five percent.


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Agence France-Presse (AFP) is a French state-owned international news agency based in Paris. It is the world's oldest news agency, having been founded in 1835 as Havas.

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