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Oil price falls after near 10 per cent gain

The price of oil fell below $53 a barrel on Tuesday after a near 10 per cent rally in two days.

  • Agencies
  • Published: 13:26 November 25, 2008
  • Gulf News

London: The price of oil fell below $53 a barrel on Tuesday after a near 10 per cent rally in two days.

Oil has not risen for more than two days in a row since mid-September. On Monday, oil prices ended 9.1 per cent up in the biggest two-day gain in two months.

US light crude for January delivery down at $52.80 a barrel. London Brent crude was $1.74 lower at $52.19 a barrel.

Prices have tumbled by nearly $100 from their record high of more than $147 in July as the global economic crisis has eaten into demand in consumer nations.

Oil traders are looking ahead to Saturday's informal meeting of the Organisation of Petroleum Exporting Countries in Cairo for further action from the producer group.

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