Special Report: Global Financial Crisis    

    NEW YORK, Nov. 25 (Xinhua) -- Crude oil lost nearly 7 percent on Tuesday as a series of negative reports on U.S. economy, housing and consumer confidence suggested the economic downturn is worsening.

    Light, sweet crude for January delivery fell 3.73 U.S. dollars to settle at 50.77 dollars a barrel on the New York Mercantile Exchange.

    The U.S. government reported Tuesday that the U.S. economy shrank 0.5 percent in the third quarter, which is more than the market has expected.

    The New York-based Conference Board reported that though consumer confidence in the U.S. rebounded in November, Americans' outlook on the economy remain the gloomiest in decades.

    Moreover, the Standard & Poor's/Case-Shiller U.S. National Home Price Index tumbled a record 16.6 percent during the quarter from the same period a year ago. Prices are at the lowest level since the first quarter of 2004.

    In London, Brent crude for January delivery fell 3.58 dollars to settle at 50.35 dollars a barrel on the ICE Futures Exchange.

Dollar falls on gov't plan to support consumer lending

    NEW YORK, Nov. 25 (Xinhua) -- The dollar fell against most major currencies on Tuesday after U.S. government announced a new plan to support consumer lending.

    The U.S. Federal Reserve and the Treasury Department said on Tuesday that they would provide about 800 billion U.S. dollars to help unfreeze the market for consumer debt from home mortgages to credit cards. Full story

U.S. stocks trade mixed after two-day-rally

    NEW YORK, Nov. 25 (Xinhua) -- Wall Street moved back and forth Tuesday, after a two-day rally, as investors digested dismal economic data and the Federal Reserve committed as much as 800 billion U.S. dollars to boost lending.

    Meanwhile, the U.S. Conference Board said its Consumer Confidence Index unexpectedly rose to 44.9 in November, up from a revised 38.8 in the previous month. But the reading still stayed at a low level. Full story