Oil below $108 after Saudi explosion report denied

FILE - In this June 30, 2011 file photo, a motorist pumps gasoline into his vehicle at an Exxon gas station, in Farmers Branch, Texas. (AP Photo/Tony Gutierrez, File)

March 2, 2012 5:51:46 AM PST
Oil prices retreated to below $108 a barrel Friday after Saudi Arabia denied an Iranian media report of a Saudi pipeline explosion.