Oil prices that had spiked over US$63 on Thursday, dipped on remarks by Venezuela that OPEC members had agreed to keep oil at $50 a barrel, thus easing supply and output concerns. Light, sweet crude for January delivery dipped to US$62.67 a barrel on the New York Mercantile Exchange, midmorning in Singapore. On Thursday, the contract rose by 58 cents to settle at US$63.13 a barrel. The last time oil settled above $63 was on September 18.
01-Dec-06 
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