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Oil dips after hitting record high
- Tuesday, June 17 - 2008 at 07:00
Light crude hit a record $139.89 in morning trading in New York but reversed its rally by the afternoon, dipping below Friday's close of $134.86 a barrel at $133.90. Saudi Arabia's intention to raise production by 200,000 barrels a day, or 2.0%, from June to July, is suspected to be the catalyst for the erratic trading pattern.
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Jeff Florian, Senior ReporterTuesday, June 17 - 2008 at 07:00 UAE local time (GMT+4)
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