Oil price dips to $47.12

Oil prices receded in the international market, with the Nymex U.S. light crude oil for March delivery ending $1.08 lower at $47.12 a barrel. The London Brent crude also edged lower and lost $1 to close at $44.80 per barrel.

The metal category saw the COMEX gold dip $1 to settle at $422.90 an ounce.