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http://finance.comcast.net/www/news...t.akadns.net/data/news/2008/07/07/1003415.xml

Oil drops sharply as Mideast fears subside
By ADAM SCHRECK, AP Business Writer
2 HOURS AGO

NEW YORK - Oil prices dropped sharply Monday, erasing many of the previous week's record gains in a single session as concerns about conflict in the Middle East appeared to ease.

Light, sweet crude for August delivery fell $3.83, or about 2.6 percent, to $141.46 on the New York Mercantile Exchange. Earlier, the contract sank as low as $139.50, or $5.79 below Thursday's settlement price.

After the last few weeks' run-up, however, analysts were skeptical that the drop signaled the start of a long-term decline. Prices set records in each of the last six sessions.

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I bet this had nothing to do with the holiday and the greater travel that accompanies it, right? The annual drop in prices is so predictable its almost as much a tradition as fireworks on the 4th. If I was an industry responsible for blowing smoke up the collective ass of the entire free world, I'd try to do it with a little more tact.
 

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Typical bad financial reporting where they try to connect a price change to very general event.

The middle east is less tense than last week. hmm really?
 
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