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Oil Prices Dip Today After Passing $90/Barrel Mark on Friday

October 22, 2007

LONDON --- Oil rose above $90 a barrel on Friday, but was trading lower today as many investors opted to cash in their gains amid a decline in the European equity markets. By early afternoon in London, London's benchmark Brent crude contracts for December delivery were down $1.04 at $82.75 per barrel. At the same time, New York crude contracts for November delivery, which expire today, dipped $1.20 to land at $87.75 a barrel, Thomson Financial reported. But analysts said tensions between Turkey and Kurds in northern Iraq, the continued weakness in the U.S. dollar, and supply concerns are combining to keep prices at a high level in the near term, Thomson Financial said. According to the Wall Street Journal, crude oil prices have surged 13 percent in the past nine trading days.
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