NEW YORK-- Crude oil closed slightly lower Thursday after falling below 100 U.S. dollars a barrel earlier in the session, as traders sold commodities on the back of increasing economic concerns.
Light, sweet crude for May delivery fell 70 cents to settle at 101.84 dollars a barrel on the New York Mercantile Exchange after sliding to as low as 98.65 dollars. It was the first drop by a front-month oil contract under 100 dollars since March 5. On Wednesday, the expiring April contract fell 4.94 dollars a barrel to settle at 104.48 dollars.
Crude's dip came as most commodities futures fell for a second day. In past weeks, investors amassed in oil, gold and grains to hedge against inflation and the falling dollar. However, some of that inflation-momentum disappeared Wednesday as the dollar rose back.
Oil has fallen sharply this week, dropping about 9 percent, since setting a new trading record of 111.80 dollars on Monday.
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