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Post  Admin on Sat May 07, 2011 5:46 am

Traders work in the crude oil and natural gas options pit on the floor of the New York Mercantile Exchange in New York, April 25, 2011. By Matthew Robinson NEW YORK (Reuters) - Oil prices steadied on Friday following a torrid 10 percent slide the. A House Republican said Friday that yesterday's sharp drop in oil prices, which fell below $100 per barrel, stemmed from House passage of legislation to speed up Gulf of Mexico oil-and-gas leasing and require leasing. Goldman Sachs, which in April predicted this week's major correction in oil prices, said oil could surpass recent highs by 2012 due to supply tightness. [ID:nLDE74513V] * Euro zone central bankers welcomed a plunge in oil and commodities prices,. NEW YORK (Reuters) - Oil prices steadied on Friday following a torrid 10 percent slide the previous session, as shellshocked traders mulled market fundamentals and the frenzy this week that wiped out half the year's gains. Upbeat US jobs data aided. Crude oil surged the most in two weeks on the jobs report, with oil for June delivery gaining $2.32, or 2.3 percent, to $102.12 a barrel at 10:46 am on the New York Mercantile Exchange. The national average unleaded gasoline price fell to $3.984 per. NEW YORK (MarketWatch) Major airline shares were down Friday as investors weighed the potential limits of falling oil prices. At last check, the NYSE Arca Airline Index (NYSE:XAL) was up less than 1% to 44.54 points. On the retail side, the company said it wasn't able to fully pass higher crude oil prices on to consumers in the form of higher gasoline prices. The net loss was $101 million, or 84 cents per share, compared with a loss of $63 million,. The killing of Osama bin Laden may have been the catalyst for this week's rout in oil prices that's deflating commodity prices around the world. Goldman Sachs Group Inc. said tumbling oil prices have lost a large portion of their risk premium and have. The oil rally may have some life in it yet, even after erasing seven weeks of gains in a single session. Oil prices dropped below $100 a barrel for the first time since mid-March on Thursday, in an 8.6% swoon brought on. The Administration recently established a task force to examine whether there has been inappropriate market manipulation of oil prices. Attorney General Holder assured the Judiciary Committee that he will be aggressive in examining the rise in oil.


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