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This does look like a repeat of last year for oil prices, albeit from a lower level of $73 and not $147. It has been a roller-coaster ride for prices and the big dipper could head much lower. The question then is whether prices will pull back out again as the world inflates its money supply, see:
http://arabianmoney.net/2009/07/13/oil-price-below-60-sends-gulf-stocks-lower/

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