Oil Falls Toward $73 Per Barrel As Supply Concerns Ease

(edited)

Oil prices fell on Friday and were set for a second straight week of decline after Libyan ports reopened and on the view that Iran might still export some crude despite U.S. sanctions.Brent crude LCOc1 was down 36 cents, or 0.5 percent, at $74.09 per barrel by 1125 GMT, having fallen earlier by 1.3 percent. It was heading for a weekly fall of around 4 percent. U.S. benchmark West Texas Intermediate crude CLc1 lost 12 cents to $70.22, and was also set for a weekly decline of around 4 percent.
Oil approached $80 in late June and early July due to Libyan and Venezuelan supply disruptions and fears the United States would press all buyers of Iranian oil to cut imports to zero from November.

Edited by Pavel

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There is nothing quite like the Oil racket...it’s the largest long con the world has going right now....

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4th of July holiday gouging is over till Labor day when the price will be high again just in time to grab money again

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