Global oil prices have dipped below US$61 a barrel, after the weekend hanging of Saddam Hussein did not spark extensive violence in Iraq. Continued milder weather in North America also helped this dip.
US light crude slipped to US$60.85 during early Tuesday trading in the Far East and London's Brent crude fell to US$60.76 a barrel.
Analysts estimate that barring unforeseen events, oil should trade between US55-60 a barrel in 2007.
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