As supplies and inventories rise, oil prices dipped below $US60 a barrel as US gasoline futures crashed to their lowest price in almost a year. Light sweet crude for March delivery fell $US1.67 to settle at $US59.57 a barrel in afternoon trade on the New York Mercantile Exchange.
Anticipation prevails that the US Energy Department's weekly petroleum supply report due on Wednesday is likely to show climbing oil stocks for the seventh straight week. Currently, USA's commercial inventory of crude oil is almost 11% above year-ago levels.
15-Feb-06 
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