国际英语新闻:Oil dips further below 80 dollars a barrel on recession concerns

NEW YORK, Sept. 23 (Xinhua) -- U.S. crude price on Friday dipped further below the important supporting level of 80 dollars a barrel on lingering concerns about global economic recession.

There were no major data released on Friday. Investors remained cautious after the large scale of sell-off on the previous trading session.

Light, sweet crude for November delivery dropped 66 cents, or 0. 82 percent to 79.85 dollars a barrel on the New York Mercantile Exchange, after slipping to the intraday lowest of 77.55 dollars. For the week, it plunged 8.11 dollars, or 9.22 percent, the biggest weekly drop since May 6.

In this week, rising fears of recession in the United States and Europe weighed heavily on the crude markets. After the International Monetary Fund lowered its forecast of global economic growth and warned the U.S. and Europe may face recession, the Federal Reserve's pessimistic statement of U.S. economy added to concerns and triggered widespread sell-off.

In Europe, there was still no solution to address the ongoing debt crisis. From the slowing economic growth and weak PMI data, investors saw no hopes for any improving scenario.

In London, Brent crude for November delivery fell 1.52 dollars, or 1.44 percent to close at 103.97 dollars a barrel. For this week, it tumbled 8.25 dollars, or 7.35 percent.