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Oil drops below $108; Saudi explosion report denied

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Oil prices retreated to below $108 a barrel Friday after Saudi Arabia denied an Iranian media report of a Saudi pipeline explosion.

By early afternoon in Europe, benchmark oil for April delivery was down 98 cents to $107.86 in electronic trading on the New York Mercantile Exchange. The contract rose $1.77 to $108.84 per barrel in New York on Thursday.

In London, Brent crude was down $1.46 to $124.74 a barrel on the ICE Futures exchange.

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