Tuesday, February 08, 2011

Oil prices fall, Brent settled below US$100 for the first time in a week

In London, ICE Brent crude for March dropped to US99.83, while US crude for March delivery settled at US$89. Oil prices fell nearly 2% on Friday on a rumoured report set off speculation that Egyptian President could step down shortly, sparking profit-taking from which the market failed to recover.

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