Oil falls to $106 on economic woes

Written by Reuters | Singapore, March 28: | Updated: Mar 28 2008, 14:40pm hrs
US oil futures fell more than a dollar on Friday toward $106 a barrel, as traders wary over the US economic outlook took profits from a three-day rally.

Prices jumped on Thursday due to a major oil pipeline explosion in Iraq.

US crude fell $1.23 a barrel to $106.35 a barrel by 0359 GMT, paring a gain of $1.68 a barrel on Thursday.