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Oil Tumbles on Concern European Debt Crisis Is Deepening: Report

Oil plunged on concern that Europe's sovereign-debt crisis is deepening and as a Chinese central-bank adviser said the country's economic expansion may slow further, Bloomberg reports.

Futures fell as much as 4.2% as the cost of insuring Spanish debt surged to a record. Greece's creditors will gather this week amid doubts that the nation will meet bailout targets. Growth in China, the second-biggest crude consuming country, may cool for a seventh straight quarter, said Song Guoqing, a member of the People's Bank of China monetary policy committee.

Crude oil for September delivery fell $2.71, or 3%, to $89.12 a barrel at 11:55 a.m. on the New York Mercantile Exchange. Futures dropped as much as $3.89 to $87.94. Prices are down 9.8% this year.

Brent oil for September settlement declined $3.03, or 2.8%, to $103.80 a barrel on the London-based ICE Futures Europe exchange.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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