After rising steadily since the beginning of the year,the price of West Texas Intermediate (WTI) on the New York Mercantile Exchange (Nymex) fell by US0.86/b on 26 January to close at US48.78/b for March contracts.But traders are clearly not expecting prices to continue falling,since the prices for April and May contracts closed at US48.94/b and US48.95/b the same day.Although extremely volatile,before the latest downturn prices had been approaching the US50/b mark,a symbolic threshold they had burst through last year.
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