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MARKET WATCH: NYMEX crude oil price drops on global economic concerns

Light, sweet crude oil prices fell to their lowest level in more than a week on the New York market Feb. 7 on what analysts called concerns about world economics that could slow oil demand. The Bank of England warned of a world economic slowdown. Meanwhile, a White House economic adviser told Fox Business Network that US-China negotiations are not close to reaching a trade agreement. China is a major oil consumer.

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