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OIL NEWS * USA - Oil dips as traders weigh demand signs, Gaza clash
New York,NY,USA -The Associated Press/The Trucker, by PABLO GORONDI -7 Jan 2009: -- Oil prices dipped to near $48 a barrel Wednesday as investors weighed tensions in the Middle East and more bad U.S. economic news suggesting slowing crude demand... By midday in Europe, light, sweet crude for February delivery was down 20 cents to $48.38 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, it fell as low as $47.61 before rebounding... On Tuesday, the contract slipped 23 cents to settle at $48.58... In London, February Brent crude rose 17 cents to $50.70 a barrel on the ICE Futures exchange... (Oil prices have risen 43 percent since reaching a five-year low of $33.87 a barrel on Dec. 19 on investor concern that the conflict between Israel and Hamas in Gaza could spread to the rest of oil-rich Middle East and affect supplies)Labels: oil news worldwide
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