oil pricesThe price of crude oil is heading for its first quarterly drop since 2008 as concerns about the pace of the economic recovery dampen demand.

Crude prices have slipped 9 percent in the last three months, despite hitting a 19-month high of over $87 a barrel in early May, Reuters reported. Since then, doubts about consumer spending in the United States and China, combined with concerns over a potential debt crisis in Europe, have strengthened the dollar and increased risk aversion. That means weaker demand for commodities such as oil.

Today, U.S. crude for August rose 59 cents to $76.53 at 10:32 GMT.

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