Oil prices recoil after escalating

03-Sep-10
After oil prices escalated by almost two dollars on Wednesday on surprisingly strong US and Chinese manufacturing data, they have recoiled on profit-taking. Crude oil dipped on the Nymex to US$73.8, while Brent North Sea crude dropped to US$75.7. The first two days of the week witnessed a fall in prices on concerns over the pace of the US economic recovery and growing fuel inventories.
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