Oil Prices Drop Back Near $66

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Oil prices fell more than $1 a barrel Tuesday as traders took profits from a huge spike a day earlier, brought about by worries that Hurricane Rita could inflict further damage to an industry still reeling from Hurricane Katrina’s onslaught three weeks ago.


Oil prices fell back Tuesday after jumping more than $4 a barrel Monday, the biggest one-day price jump ever. Light sweet crude for October delivery was $1.19 lower at $66.20 a barrel in Tuesday afternoon trading on the New York Mercantile Exchange. Crude fell as low as $64.80 earlier Tuesday before bouncing back slightly in afternoon trading, when Hurricane Rita strengthened to a Category 2 storm and rekindled traders’ fears. The October contract expires at the end of the trading day Tuesday.


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