Crude Oil Hovers Around $70 a Barrel on Supply Outlook

May 9, 2006 9:30 AM, EDT

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rude oil remained at about $70 a barrel early Tuesday after falling below that level Monday, the third decline in four trading days, Bloomberg reported.

Forecasters predicted there would be adequate supply of gasoline for the summer driving season, which starts Memorial Day weekend in three weeks, Bloomberg said.

One oil trader told Bloomberg oil prices could fall to $65 a barrel if supplies were seen as sufficient to meet higher demand.

Benchmark light sweet crude oil futures closed at $69.77 a barrel Monday on the New York Mercantile Exchange, from $70.19 Friday.

Last Tuesday, oil futures closed at $74.61, the second-highest level on record behind the all-time high of $75.17 set on April 21.

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