NEW YORK - Oil prices fell sharply to close below 52 dollars Wednesday after President George W. Bush promised to reduce US dependence on energy.
The June contract on the New York Mercantile Exchange closed at 51.61 dollars a barrel, down 2.59 dollars.
Oil prices began a downward movement after a strong report on US inventories earlier in the day, and slid further after Bush`s comments.
04/27/2005 19:24 GMT