Oil slips below $94

Oil handed back early gains to stand below $94 a barrel on Monday as investors took profits.

However, concerns over the dollar’s weakness and uncertainties about OPEC’s moves to boost output continued to provide support. US light crude was 51 cents down at $93.34 a barrel at the time of going to press. It raised more than $1 in earlier trade to $95.15.London Brent crude fell 41 cents to $91.21 a barrel, off highs of $92.81. Meanwhile, the Commodity Futures Trading Commission said that speculators on the New York Mercantile Exchange crude oil market had cut their net long positions last week.

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