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Oil Steadies Above $100 After Plunging on Recession Concerns

Oil steadied above $100 a barrel in early Asian trading after plunging more than 8% to the lowest close since late April on concern that a recession will pummel energy demand.

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(Bloomberg) — Oil steadied above $100 a barrel in early Asian trading after plunging more than 8% to the lowest close since late April on concern that a recession will pummel energy demand. 

West Texas Intermediate was more than 1% higher as investors weighed fears of a global slowdown against a tight supply situation. Crude’s dramatic sell-off was accompanied by losses in other commodities including copper.

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