Oil Futures in Sharp Dip Amid Sell-Off and Profit Taking
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Associated Press
NEW YORK — Oil futures prices declined sharply Friday on the New York Mercantile Exchange.
Analysts said many investors were continuing to sell futures contracts and collect profits after the previous week’s steep jump in oil prices.
Contracts for September delivery of West Texas Intermediate, the U.S. benchmark crude oil, were trading at $20.70 a barrel, down 53 cents from Thursday’s close. A barrel is equivalent to 42 gallons.
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