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Oil falls as hopes grow for Libyan cease-fire
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NEW YORK (AP) — Oil fell Monday as Libya's Moammar Gadhafi appeared to accept a cease-fire plan with rebel forces, increasing the chances that Libyan crude ill return to world markets soon. Benchmark West Texas Intermediate crude for May delivery lost $1.04 at $111.75 per barrel in morning trading on the New York Mercantile Exchange. Earlier in the day, crude rose as high as $113.46 per barrel, the highest level since September 2008.