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Commodity Daily News
Crude Oil Falls from 26-Month High
Tuesday, 28 Dec 2010
Oil dipped below $91 per barrel on Monday after briefly hitting its third successive 26-month high, ending a five-day rally after a Chinese rate increase threatened to slow demand and a major East Coast refinery resumed operations.
As a major blizzard on the East Coast further diminished already thin holiday trading volumes and threatened to stoke oil demand for home heating, many traders expected the fourth-quarter rally to quickly resume toward $100 a barrel as key OPEC members showed no sign of moving to halt its rise.
