Oil prices slide on concerns about Europe

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Oil is falling after world leaders disagreed on further steps to deal with the European financial crisis.

Benchmark crude dropped 67 cents to $93.40 per barrel in New York, while Brent crude fell 11cents to $110.72 in London.

Prices fell after leaders of the world's 20 most powerful economies said they'd failed to find ways to strengthen the International Monetary Fund. The IMF is expected to be the lender of last resort for Greece and other European nations.

Europe's struggles masked encouraging news that the U.S. economy added 80,000 jobs in October, dropping the unemployment rate to 9 percent.

Gasoline fell less than a penny on Friday to a national average of $3.42 per gallon.

 

Copyright 2011 The Associated Press.



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