An agreement between Russia and Ukraine on natural gas shipments have slightly eased market concerns and caused oil prices to dip below US$63 per barrel on Wednesday. February delivery contract for light sweet crude oil on the New York Mercantile Exchange stood at US$62.36 per barrel. Gasoline also slipped by three cents. Brent crude futures dropped 60 cents to $60.75 on the ICE Futures exchange.
The bitter dispute between Ukraine and Russia that threatened supplies to Europe, ended on Wednesday, whenUkraine agreed to pay nearly twice last year's cost for natural gas from Russia. . Russia cut off supplies for two days when Ukraine refused to pay Gazprom US$230 per 1,000 cubic metres of natural gas, a nearly four-fold increase over last year's price
05-Jan-06 
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