[size=36]Oil prices fall to their lowest level in 11 months[/size]
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International oil prices fell to their lowest levels since January, during trading today, Tuesday, to continue their downward trend, as growing concerns about global demand offset any upward effects as a result of the Western "price ceiling" plan.
Brent crude futures fell $3.67, or 4.44%, to $79.01 a barrel, the lowest level since January 10, and West Texas Intermediate crude fell $3.26, or 4.24%, to $73.67.
China's service sector activity hit a six-month low, and European economies slowed due to rising energy costs and higher interest rates, which is worrying investors about levels.
Crude oil futures on Monday posted their biggest daily decline in two weeks, after US services industry data indicated a strength in the US economy and led expectations of higher-than-expected interest rates recently.
The US dollar index fell on Tuesday, but was still supported by bets on rising interest rates, after the largest rise in two weeks on Monday. The rise in the dollar makes oil denominated in the US currency more expensive for buyers who hold other currencies, which reduces demand. Ended 29/h