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NEW YORK — Oil prices plunged Tuesday, picking up downward momentum amid concerns that a slowing economy might reduce demand for crude just as OPEC members are considering an increase in production.
Light, sweet crude for January delivery dropped $3.28 to settle at $94.42 a barrel on the New York Mercantile Exchange. The contract is nearly $5 below its all-time high of $99.29 set last week.
