Oil hovers near US$60

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Wednesday, March 22, 2006 - Web posted at 7:39:21 GMT

Oil hovers near US$60

SINGAPORE - Oil prices hovered above US$60 yesterday after slumping a day ago as forecasts for another hefty build in US crude inventories outweighed geopolitical concerns.

US light sweet crude for April delivery reversed early losses to trade 2 cents lower at US$60,40 a barrel at 0624 GMT, after the contract tumbled nearly 4 per cent on Monday.

- Reuters

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