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Article: Australia: Oil prices weaken after record run.
- Article from:
- TendersInfo
- Article date:
- June 10, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: ismail05
OIL futures slid overnight as analysts warned of a "price bubble" that could burst soon after crude rocketed to record heights near $US140 per barrel late last week.
Oil prices soared beyond $US139 on Saturday after a shock jump in US unemployment sent the dollar reeling and Wall Street plunging by more than three per cent amid fears of sharply slower economic growth.
New York's main oil futures contract, light sweet crude for July delivery, gave back 99 cents to $US137.55 today.
The contract had spiked on Saturday by $US10.75 - the biggest-ever one-day jump - after soaring to an all-time high of $US139.12.
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