Oil Lower as Volatile 3Q Ends

The Associated Press reported that Benchmark oil inched down ahead of a traditionally weak time for petroleum demand in the U.S.

The market news is quoted as saying:

Benchmark crude dropped $1.02 to $81.192per barrel in New York at midday. Brent crude, used to price many international kinds of oil, rose 26 cents to $104.21 in London.

Oil has swung up and down in the last few weeks, as the European financial crisis roiled energy markets. By Friday, the end of the third quarter, traders turned their attention to falling crude price forecasts from major investment firms.

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