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Crude Oil Plunges As Stocks Collapse

Crude oil futures plunged Monday along with global stocks as the U.S. dollar rallied on expectations of interest rate hikes.

Friday's strong jobs report for January will likely compel the Federal Reserve to raise interest rates at least three times in 2018.

With markets throwing a tantrum, WTI light sweet crude oil was down $1.42 to $64.03 a barrrel.

Data showing another increase in the U.S. rig count as weighed on prices.

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil climbed by 6 at 765 last week.

In economic news today, the U.S. ISM services index hit its highest level since mid-2005, a sign of further strength in the nation's economy.

Economic activity in the non-manufacturing sector grew in January for the 96th consecutive month, according to a survey of purchasing managers.

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