Oil falls after record week

ICE Brent meanwhile closed at $107.56/bbl after hitting a new record of $108.02 earlier in the day.

The lower prices follow yesterday’s record price of $110.33/bbl after reaching $111, the highest since trading began in 1983.

The recent rise of crude prices has been attributed to both the falling value of the US dollar and a strong fundamental picture.

Some analysts questioned how long the high prices could continue as the threat of US recession-driven demand erosion continued to build.

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