Oil prices fell by about 2% to their lowest level in a week on Thursday, as the political standoff over the U.S. debt ceiling fueled recession fears in the world's largest oil consumer. Prices were also affected by an increase in U.S. unemployment claims and weak economic data from China. Brent crude futures dropped by $1.43, or 1.9%, settling at $74.98 per barrel, while West Texas Intermediate crude fell $1.69, or 2.3%, to settle at $70.87.
Oil Prices Decline 2%
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