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admin | 2008-08-19 11:15

Oil prices briefly dropped below $112 a barrel Tuesday, extending the previous session's decline as Tropical Storm Fay avoided oil-producing infrastructure in the Gulf of Mexico.

By midday in Europe, light, sweet crude for September delivery was down 54 cents at $112.33 after falling as low as $111.78 barrel earlier in electronic trading on the New York Mercantile Exchange.

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