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Oil prices fall further
Oil prices have extended recent losses amid hopes of resolutions to the Gaza conflict and European gas row. On Thursday, Brent North Sea crude for delivery in February dropped 1.17 dollars to 44.69 dollars a barrel in late afternoon trade on London's InterContinental Exchange. New York's main contract, light sweet crude for February, fell 1.29 dollars to 41.34 dollars. Crude futures had on Wednesday tumbled by around five dollars on news of buoyant energy stockpiles in the United States. "While a truce in either of these situations is far from close, a potential solution will no doubt ease some geopolitical fears" that were previously pushing up oil prices, said Barclays Capital analyst Kevin Norrish. Posted by: Fred 2009-01-09 |
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