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Crude prices weaken

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Crude prices weaken

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One year after hitting $147.50 a barrel, oil prices remain weak near a seven-week low.

That is due to concerns about the state of the global economy as stock markets tumbled in recent weeks after data suggested some of the world’s largest economies are still struggling. Oil prices dropped 11 percent last week; their biggest weekly decline since late January. Investors are anticipating a delayed rebound in demand for fuel with the possibility of another dip in economic activity before the onset of a recovery.