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LONDON, Feb 7: Oil prices tumbled on Tuesday on expectations of rising US energy inventories and easing supply concerns over Iran’s controversial nuclear energy programme, analysts said.
New York’s main contract, light sweet crude for delivery in March, shed $1.41 to $63.70 per barrel in pit trading.
In London, the price of Brent North Sea crude for March delivery dropped $1.26 to $62.07 per barrel in electronic trade.
“Expectations of another set of poor US weekly data in Wednesday’s figures are contributing to an easing in crude oil prices at present,” Barclays Capital analyst Kevin Norrish said.—Reuters
