Crude oil futures slipped below $125 a barrel Friday, after surging 5 percent to an 11-month high a day earlier, as fears of a supply disruption from Saudi Arabia eased, calming investors who now expect oil demand to fall in coming weeks.
Oil prices soared Thursday after an Iranian media report of a pipeline fire in top exporter Saudi Arabia, although prices later dipped back after CNBC cited a Saudi oil official saying the report was untrue.
Oil prices fell below $107 a barrel Friday after Saudi Arabia denied an Iranian media report of a Saudi pipeline explosion. A stronger dollar and some profit-taking after the previous days rally were contributing factors.
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