Oil drops as recession raises concerns

LONDON, Nov. 27: Crude prices fell after economic reports in the U.S. showed a deepening recession that may cut fuel demand in the world's largest oil user. Consumer spending slumped the most in seven years and orders for durable goods including refrigerators and washing machines declined twice as much as forecast, the Commerce Department said yesterday. Crude oil for January delivery retreated as much as $1.82, or 3.3 percent, to $52.62 a barrel in electronic trading on the New York Mercantile Exchange. It was at $53.96 a barrel as of 2:33 p.m. London time. — Bloomberg