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Oil Prices Continue to Drop

By on January 15, 2016

(AP)-Stocks are opening sharply lower, led by steep declines in energy companies as the price oil takes another tumble.

The price of oil sank below $30 Friday a barrel and is trading at the lowest level since 2003.

The
sharp slump in crude from over $100 a barrel in the summer of 2014 has
eviscerated energy company profits and made it much harder for them to
pay off their debts.

Intel dropped as earnings from its PC business continue to slump.

The Dow Jones industrial average plunged 350 points, or 2 percent, to 16,028 as of 9:35 a.m. Eastern time.

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