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Jul 3, 2009, 8:28 GMT

OPEC oil price hit by bad economic news from US, EU

Vienna - The oil price of the Organization of the Petroleum Exporting Countries (OPEC) plunged by 2.22 dollars Thursday, the group said Friday, as the United States and the European Union reported rising jobless rates. The basket price for OPEC-produced crude fell to 67.04 dollars per barrel (159 litres). In June, the US unemployment rate rose to 9.5 per cent, the Labour Department said Thursday, sending US stocks downward. The EU's rate for May also stood at 9.5 per cent, rising to a 10- year high. Vienna-based OPEC produces more than a third of the world's oil supply.

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