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Market Eye
| Oil falls below $38 as investors eye US earnings | 12/11/2008 11:06:31 | Falling crude demand in the world's largest consuming nation drove oil prices below $38 a barrel Monday as the U.S. enters a corporate earnings season expected to be fraught with bad news.
Economic worries outweighed factors that would normally boost the market -- Mideast tensions, signs that OPEC was implementing large-scale production cuts, the ongoing Gazprom-Ukraine gas dispute and a winter likely to feature the coldest weather in a decade.
"It's amazing what the market's ignoring," said Phil Flynn, an analyst at Alaron Trading Corp. "That really tells you the story of how bearish this is."
Light, sweet crude for February delivery fell 7 percent, or $2.91, to 37.92 a barrel on the New York Mercantile Exchange. The contract on Friday fell 87 cents to settle at $40.83.
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