Oil drops to around $123 as traders look for signs of stabilization
By JERUSALEM POST STAFF
Oil prices fell sharply Friday, dropping at times below $123 for the first time in weeks as investors questioned whether prices have cooled off enough to reflect deteriorating demand.
Light, sweet crude for September delivery fell $2.33 to $123.16 a barrel in on the New York Mercantile Exchange. Earlier the contract dropped as far as $122.50, its lowest point since June 5.
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