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 SINGAPORE (AP) - Oil prices retreated Friday from a record of $111 a barrel hit in the previous session as investors fled the declining dollar in search of a haven in commodities.
Analysts attributed the decline as part of the volatility that has characterized crude futures trading in recent weeks.
"When there are no immediate supply side concerns that justify surging to new record everyday, some pullback is inevitable," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "This is just part of the volatility of trading."
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