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Summary Oil prices fell to near $94 a barrel Tuesday in Asia amid new evidence that US economy is slowing.
Benchmark oil for August delivery was down 44 cents to $94.46 a barrel at late afternoon in electronic trading on the New York Mercantile Exchange. Crude fell 81 cents to settle at $94.89 on Monday.In London, Brent crude was down 31 cents at $116.50 a barrel on the ICE Futures exchange.A jump in the oil price Monday — sparked by an agreement to raise the US debt limit and cut spending — fizzled as traders turned to disappointing industrial production data. The Institute for Supply Management said manufacturing activity in the U.S. barely grew in July, the lowest reading since July 2009.
