Oil Prices Drop to $104, Lowest Since April

Oil down as Ike shifts course, OPEC mulls output By STEVENSON JACOBS

Oil prices closed below $104 a barrel Tuesday for the first time since early April as traders bet that Hurricane Ike would miss critical Gulf Coast oil installations and in Vienna, OPEC’s president signaled the cartel wouldn’t cut production.
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Light, sweet crude for October delivery fell $3.08 to settle at $103.26 on the New York Mercantile Exchange, the lowest settlement price since April 1. The contract rose 11 cents to settle at $106.34 in volatile trading Monday.

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