Crude oil fell below $50 a barrel as tumbling equity markets indicated that the recession in major energy-consuming countries may deepen, curbing fuel demand.
Oil fell as much as 4.6 percent after the Obama administration said that General Motors Corp. and Chrysler LLC must overhaul recovery plans and some banks may need additional assistance. The dollar strengthened to its highest against the euro in more than a week, limiting the appeal of commodities as an alternative investment.
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