Oil Trades Near One-Week Low

Feb. 28, 2011 05:39PM PST

Bloomberg reports that Oil plunged for a second day in New York.

The market news is quoted as saying:

Crude for April delivery fell as much as 60 cents to $96.37 a barrel in electronic trading on the New York Mercantile Exchange, and was at $97.84 at 12:06 p.m. Sydney time. Yesterday, the contract slid 91 cents to $96.97, the lowest since Feb. 22. Prices gained 5.2 percent last month and are 23 percent higher than a year ago.

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