KATHMANDU, Dec 25: Price of oil tumbled further as falling U.S. crude inventories failed to lift oil prices Wednesday, Associated Press (AP) reported.
Light, sweet crude for February delivery fell $1.60 to $37.38 in a shortened day of trading. Prices had fallen as low as $36.63 earlier in the day.
The wire agency said a steady stream of dismal U.S. economic and corporate data during the past few months has hammered investor confidence and sent oil prices reeling 74 percent since July this year.
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