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The price of oil dipped yesterday but remains above $120 (£61.28) per barrel.
Reuters reports that the world's biggest exporter, Saudi Arabia, has increased output - leading to three months of rising supply from oil producing cartel Opec.
During trading the cost of a barrel of light crude fell to $119.50 before recovering slightly to $121.
The drop in prices has been attributed to declining demand in the US, with analyst Phil Flynn of Aaron Trading telling the news source: "The market is focused on falling demand with Opec seen producing more oil."
It comes despite disrupted production caused by a tropical storm in the Gulf of Mexico, which shut down at least one refinery on the US coast.
Recently the International Energy Agency warned that prices would continue to rise until at least 2013, making this a good time to buy home heating oil.
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