Oil prices dip by over a dollar to settle at US$124

After rising by almost ten dollars last week, light crude dipped by US$1.70 in a day to settle at US$124.23 a barrel on the New York Mercantile Exchange. HSBC Holdings, the global banking company based in London, has reported that its Q1 profit was up from a year ago although it took a US$3.2 bln write-down on subprime mortgage assets in the United States. Other experts estimate that the credit market crisis was 75% over, but that the recession is just beginning.
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