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Energy stocks lead Wall Street lower as US oil dips below $50

US crude oil dipped below $50 a barrel yesterday for the first time in over five years, sending energy stocks down sharply and driving a broader sell-off on Wall Street amid fears of a global economic slowdown. Investors sought long-dated government bonds as insurance against further downward pressure on inflation and global growth prospects, with the US 30-year Treasury bond at its lowest yield since August 2012. The Eurofirst 300 index fell 2.3%, the FTSE 100 was down 2%, and the S&P 500 slid 1.8% in New York. Shares in BP tumbled 5.1%, while Eni of Italy was down 8.4%.

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