LONDON (Reuters) - Oil prices fell heavily on Monday, taking U.S. crude below $50 on speculation that a U.S. election win for Senator John Kerry (news - web sites) could ease the geopolitical friction that helped spark this year's record rally.
U.S. light crude fell as low as $49.40 a barrel before retracing to $49.90 a barrel, down $1.86. U.S. crude has spent nearly a month above $50 and peaked a week ago at $55.67.
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"Under a Kerry administration we'd likely have a much more interventionist SPR (Strategic Petroleum Reserve) policy," said Jamal Qureshi, market analyst at PFC Energy in Washington.
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