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Crude tumbles towards $112 in broad retreat

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Financial Times: Crude tumbles towards $112 in broad retreat

By Chris Flood
Published: May 2 2008 03:00 | Last updated: May 2 2008 03:00

Oil prices tumbled towards $110 a barrel yesterday, leading a broad-based retreat across commodity markets, as the dollar strengthened after indications from the Federal Reserve that a pause was likely in cutting US interest rates.

Nymex June West Texas Intermediate fell 94 cents to settle at $112.52 a barrel and ICE June Brent lost 86 cents to close at $110.50 a barrel. Both benchmarks had been trading more than $2 a barrel weaker earlier in the day.

In Nigeria, ExxonMobil, the country’s largest foreign oil producer, said it was in the process of restarting production after a strike but the company declined to say when it would reach its full 800,000 barrels a day of output capacity.

Shell is still repairing a pipeline after attacks by militants that have forced the company to shut 164,000b/d of crude production.

Oil prices have fallen 7.6 per cent since reaching a record $119.93 on Monday.

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