Oil prices dip on concerns of short-term performance of equity markets

New York's main futures contract, light sweet crude for delivery in May dipped by over a dollar to US$51.25 a barrel, while Brent North Sea crude fell to US$51. Oil futures have dipped on concerns of short-term performance of the equity markets. US share prices fell on Friday on worries the worst may not be over for the US economy. Analysts feel that equity markets are acting as a 'proxy market' for oil, and a decline in US stocks after recent strong gains pulled crude prices down.
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