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Unrest hits oil prices

OIL prices dropped this morning as traders awaited further news on protests in Saudi Arabia, the world's biggest oil exporter.

US crude fell 97 cents to $101.73 a barrel, while Brent North Sea crude dipped 39 cents to $115.04.

Witness reports said that Saudi police shot and wounded three protesters in the oil-rich Eastern Province yesterday and online activists have called for a 'day of rage' in oil kingpin Saudi Arabia.

Before news of the Saudi incident, oil prices had eased off two-year highs on fresh European debt concerns and sobering US and Chinese economic data, which could have an impact on energy demand.