Oil Falls for First Time in Three Days


3/2/2012 11:00:00 AM
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Oil fell in early trading Friday after rising for the past two days and closing Thursday near a 10-month high, Bloomberg reported.

Crude futures slipped $1.42 to $107.42 a barrel on the New York Mercantile Exchange, after finishing on the Nymex Thursday at $108.84, Bloomberg said.

Thursday’s closing price was the second-highest since early May, after last Friday’s $109.77, according to Bloomberg Nymex figures.

The price fell following reports Friday that a fire at a Saudi Arabian refinery was not related to sabotage, Bloomberg reported.

Diesel and gasoline prices jumped by 9 and 13 cents respectively this week, pushing diesel past $4 a gallon for the first time ever in the month of February.

The Department of Energy will release its weekly survey of filling stations Monday afternoon in Washington.

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