Oil Prices Would Drop Further If U.S. Weakness Deepens, Analysts Say

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LONDON—Recent extreme drops in oil prices highlight the vulnerability facing the commodity if the developed economies—and especially the energy-intensive U.S.—fall into the feared double-dip recession, analysts said.

Stock markets have dropped in recent days as investors lost faith in the ability of policy makers to stave off a debt crisis in Europe and an economic slowdown in the U.S., although sentiment reversed somewhat following a better-than-expected U.S. jobs report.

On Thursday, the Dow Jones Industrial Average closed down more than 500 points, or 4.3%. Oil prices fell even further, with light, sweet crude futures for September delivery settling down 5.8% …

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