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Oil falls below $121

Thursday, July 31st, 2008 Tags: , ,
Posted in News

Oil fell to the lowest price since May 08 yesterday, losing over $4 to reach $120.42. Analysts put the fall in price, despite a loss of production from Nigeria, down to weakening demand and a stronger dollar. Opec President Chakib Khelil said that he expected prices to eventually retreat to $80 or $70 but advised producers not to cut supply.


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