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Oil prices closed Nymex trading above $89 per barrel Monday, after sinking to their lowest in more than five weeks -- a fall that led to doubts that OPEC will agree to boost oil output at a meeting this week.
Oil closed down more than $2 to a one-month low below $89 per barrel on Friday, as expectations that OPEC could agree to boost output at a meeting next week weighed on the market.
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Instead of panicking, investors should look for ways to weather--and yes, profit from--the expected economic slowdown.
Oil prices dipped as rising refinery production and a key pipeline restart eased worries of a U.S. fuel supply crunch this summer driving season.
U.S. crude oil futures dipped this afternoon on book-squaring and crack-spread trading ahead of Wednesday's government inventory report. Front month crude futures earlier rose above $64 as a shut Canada-to-U.S. crude pipeline and a Texas refinery's restart were supportive.