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Crude Prices Edge Lower On IMF Concern

Crude prices edged lower in a choppy trading on Tuesday as the International Energy Agency expressed concern that high prices will curb demand and slow economic recovery. Japan put its nuclear calamity on a par with Chernobyl that added the concern for demand.

Traders were eying industry group, the American Petroleum Institute`s inventory data to be released on late Tuesday. Oil inventory reports will offer a fresh snapshot of US demand and stockpiles.

Benchmark crude for May delivery fell $3.67, or 3.3%, to settle at $106.25 a barrel on the New York Mercantile Exchange. In London, Brent crude for May declined $3.06 to $120.92 a barrel on the ICE.

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