Oil and gasoline futures slumped amid more signs of economic weakness in the United States. On the New York Mercantile Exchange, gasoline was off nearly 8 cents a gallon at $1.3625 US.

Victor Shum, an analyst at Purvin & Getz in Singapore, said:

I expect continued downward volatility in oil prices, and also a near-term price range of $60 to $70 US. The unemployment data due out later this week will reinforce the economic situation in the United States.

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