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NEW YORK (AP) - Crude oil prices opened the new year by plunging 4.5 percent on Wednesday, as persistent mild weather in the United States led traders to bet on lagging demand for heating fuels.
Light, sweet crude for February delivery on the New York Mercantile Exchange fell $2.73 from Friday's settlement price to a six-week low of $58.32 a barrel. It was the biggest one-day drop since Aug. 17, 2005, when crude fell $2.83 to settle at $63.25 a barrel.
The Nymex trading floor had been closed Monday for New Year's Day and again on Tuesday for memorial services for former U.S. President Gerald Ford.
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