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Oil trades at multimonth lows as Gustav bets reverse
Crude-oil futures fell more than $4 a barrel to change hands below $111 in Nymex electronic trades as the market expressed relief that Hurricane Gustav had weakened before threatening Gulf Coast refining activities and making landfall along the coastline. The commodity's price decline represented a sharp reversal from an early-session run-up; an intraday high had been notched at $118.25.