Prices hover around $50/bbl

WORLD oil prices fell firmly this week, briefly dipping below the US$50 per barrel level before recovering slightly on the back of a brief speculative rally that contrasted with the 12% slide over eight previous trading sessions.

On Thursday US crude oil futures fell as low as US$49.75, the weakest since February 22, before recovering to US$51.13 per barrel. London Brent crude oil for May delivery rose 43 cents to US$50.

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