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Oil settles at $95.29 a day after sharp drop

On the New York Mercantile Exchange Benchmark crude fell $1.33 to finish at $95.29 per barrel and gasoline fell 4.43 cents to end at $2.8990 a gallon.

The Associated Press

9/18/2012

NEW YORK — The price of oil fell further Tuesday, after taking a sharp and largely unexplained plunge the previous day.

On the New York Mercantile Exchange Benchmark crude fell $1.33 to finish at $95.29 per barrel and gasoline fell 4.43 cents to end at $2.8990 a gallon.

Heating oil fell 3.63 cents to finish at $3.1271 a gallon while natural gas fell 9.2 cents to end at $2.7730 per 1,000 cubic feet.

On the ICE Futures exchange in London Brent crude fell $1.76 to finish the day at $112.03 per barrel.

Oil at one point Monday dropped more than 3 percent during a rapid sell-off that mystified traders. Some analysts suggested the price of oil had gotten too high given continued weakness in the global economy.

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The decline wiped out gains made last week when the Federal Reserve unveiled new steps to boost the U.S. economy.

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