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NEW YORK (AP) - Oil futures plunged by more than $2 a barrel Friday after news that Cyclone Gonu had spared major oil installations in the Gulf of Oman and alleviated supply worries.
Traders also let go of earlier concerns over poor refinery runs.
"It's slip sliding away on a summer afternoon," said Phil Flynn, an energy analyst at Alaron Trading Corp. in Chicago. "The bulls are disappointed we didn't settle above $67 yesterday and they're running out of reasons to be long."
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