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Oil prices fall after 7-day surge

3 years ago February 27, 2012 Feb 27, 2012 Monday, February 27 2012 Monday, February 27, 2012 10:40:48 AM CST in News
Source: Associated Press

NEW YORK- Oil prices are falling as investors lock in profits after a seven-day surge. Retail gasoline prices continued to climb, adding a penny on Monday for a national average of $3.70 per gallon.

Benchmark crude fell $1.04 to $108.73 per barrel in New York. Brent crude lost $1.75 at $123.72 per barrel in London.

Analysts say a standoff between the West and Iran over its nuclear program continues to keep oil prices around nine-month highs. But many traders sold contracts to lock in profits following a 9 percent rise since Valentine's Day.

Western nations fear that Iran is making a nuclear weapon and have been trying to get inspectors in to inspect its facilities. Iran denies the claim and has threatened to disrupt oil supplies in response to any threats.

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