Oil prices back off from record in previous session


  • Business
  • Saturday, 05 Jul 2008

Oil prices fell more than $1 a barrel Friday from record levels set a day earlier on hopes that tensions surrounding Iran's nuclear program could ease and cut the chances of American or Israeli military action against OPEC's second-largest oil producer.

Iran on Friday gave an undisclosed response to an international offer of economic and other incentives if it suspends a central part of its nuclear program.

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