Oil prices have dipped to US$108.50 in New York, after hovering around record highs. New Yorks' main oil contract, light sweet crude for delivery in May, dipped after hitting an intraday high of US$109.64 per barrel on Tuesday, as the market reacted to forecasts that Americans would cut back on driving in response to surging energy costs.
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Wednesday, April 09, 2008
Oil prices retreat after peaking to record highs
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