Oil dives under $85 a barrel in Asia after S&P lowers US debt rating

SINGAPORE - Oil prices dived below $85 a barrel Monday in Asia after Standard & Poor's lowered the U.S. credit rating — a blow to confidence that could hurt economic growth and demand for crude. Benchmark oil for September delivery was down $2.07 to $84.81 a barrel at late afternoon Singapore time ...

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SINGAPORE (AP) -- Oil prices extended sharp losses, falling to near $85 a barrel Friday in Asia amid expectations a slowing global economy will weaken demand for crude.

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