Oil Price: Up and Down

Oil prices fell back yesterday after rebels in Nigeria withdrew a threat to target oil operations.

US light crude dropped 27 cents from Friday?s record settlement price of $50.12 to trade at $49.85 a barrel, less than a dollar below record highs hit last week.

At IPE London?s Brent crude fell 37 cents to $46.25 a barrel.

Prices eased as oil companies considered returning evacuated workers to Nigeria?s oil-producing delta region following a peace deal signed by a rebel militia on Friday.