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Oil again drops sharply, making for a two-day swing of more than $8 Analysts: Drop is temporary correction, market sees it as buying opportunity U.S. dollar stronger against most other major currencies in European trading Fears that fresh conflict in the Middle East could cut oil supplies eased over weekend NEW YORK (AP) -- The price for a barrel of oil fell nearly $5 Tuesday, a two-day swing of more than $8 as traders took profits and fears of supply disruptions eased. But analysts warned the pullback could be fleeting. "The plunge is really a temporary bull correction and is viewed by the market as a buying opportunity," said Victor Shum, an analyst with Purvin & Gertz in Singapore. "We are also seeing the U.S. dollar easing a bit ... and that has helped support oil pricing." Trader and analyst Stephen Schork said the... [read full story]
