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Latest Business News

Oil Prices Fall by More Than $1 a Barrel

Wednesday, February 22, 2006 6:37:46 PM

Oil traders work on the floor of the New York Mercantile Exchange Tuesday, Feb. 21, 2006 in New York.  Violence in Nigeria caused a spike in oil prices today after rebels in the country kidnapped several oil workers and blew up a pipeline, an export terminal and other infrastructure over the weekend.  (AP Photo/Jason DeCrow)LONDON (AP) - Crude-oil prices fell by more than $1 a barrel Wednesday as expectations of a build in U.S. supplies brought some calm to a market that has been rattled recently by supply disruptions in Nigeria and concerns about Iran's nuclear ambitions.

"The emotions swing back and forth, and so does the price," said oil broker Tom Bentz of BNP Paribas Commodity Futures in New York.

Light sweet crude for April delivery fell $1.73 to settle at $61.01 a barrel on the New York Mercantile Exchange, where a day earlier the front-month futures contract had gained $1.22.


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