Oil futures and product prices suffered a massive rout on Friday as a week of talk about destructively high fuel prices and an imminent economic recession swept the rug out from under bulls. In London, the August contract for ICE Brent fell by $6.69, or 5.6%, to $113.12 per barrel on Friday. On Nymex in New York, the July contract for West Texas Intermediate (WTI) plunged by $8.03 to $109.56/bbl. At one point in the session WTI touched $108.25/bbl before bouncing back.
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