Oil prices fell this morning due to concerns about global oil demand in light of the worsening economic outlook in Europe and the US.
Brent crude futures fell below $109 a barrel for the fifth time in a row, and US crude fell by $1.06 to $91.45.
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The US Federal Reserve slashed its forecast for growth, thereby raising investor concerns about unemployment.
The agency said it is considering the possibility of buying more mortgage debt to stabilise the struggling recovery.
Oil markets were also affected by Germany and France asking Greece to decide if it wants to stay in the eurozone, reports Reuters.
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