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Oil prices slip below $79 a barrel »

Posted by: STONERS 10 months, 3 weeks ago

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Light, sweet crude for November delivery lost 20 cents to $78.82 a barrel in Asian electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract fell $2.20 to settle at $79.02 a barrel Monday in New York.

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STONERS10 months, 3 weeks ago

"As a result, some analysts believe oil will fall to $65 a barrel or lower, following a typical seasonal pattern, while others expect futures to break that pattern and push toward $90 a barrel."
"This is the shoulder season between the peak summer and winter season for oil ... so it's quite typical to see a softening in prices," said Victor Shum, a Singapore-based energy analyst with Purvin & Gertz. "But I think oil market fundamentals remain quite firm in the near term ... It won't be long before traders worry about the low heating oil inventory."

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