Oil dips towards $78 per barrel

By: Our Staff Reporter | December 29, 2009, 1:39 pm |
Oil eased toward $78 on Tuesday, after hitting a five-week high a day earlier. U.S. crude for February delivery fell 28 cents to $78.49 a barrel in thin pre-holiday trade. It settled up 72 cents on Monday, after touching $79.12, the highest since November 23. Heating oil futures led gains in the oil complex as forecasters called for colder weather in the United States, the world's largest energy consumer.

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