Oil falls below $97 amid ample supply

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Associated Press

Posted on February 12, 2013 at 6:02 AM

BANGKOK (AP) — The price of oil slipped back below $97 a barrel today after a sharp rise the day before as supply remains ample and demand tepid.

Benchmark oil for March delivery was down 30 cents to $96.70 at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract on Monday gained $1.31 to finish at $97.03 a barrel on the Nymex as the euro strengthened against the dollar.

A strong euro tends to result in higher oil prices by making crude priced in dollars cheaper for traders using currencies other than the greenback.

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