Dealers took profits on Friday amid apparently brighter prospects for a truce in the Middle East that would end a 20-day war traders fear might draw in neighboring oil producers like Syria or Iran, both supporters of the Hizbollah guerrillas.
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Oil Eased on Hopes of Defusing Middle East Conflict
Oil prices fell below $73 a barrel on Monday as hopes grew for a ceasefire...
Oil prices fell below $73 a barrel on Monday as hopes grew for a ceasefire in the Middle East and Nigerian output looked set to improve after attackers vacated a flow station.
U.S. light sweet crude for September delivery fell 32 cents to $72.91 a barrel by 0814 GMT, dipping as low as $72.88 after a $1.30 fall on Friday, partly due to data showing that U.S. economic growth had slowed to 2.5 percent in the second quarter.
London ICE Brent futures crude lost 28 cents to $73.11 no the ICE Futures.
Dealers took profits on Friday amid apparently brighter prospects for a truce in the Middle East that would end a 20-day war traders fear might draw in neighboring oil producers like Syria or Iran, both supporters of the Hizbollah guerrillas.
Dealers took profits on Friday amid apparently brighter prospects for a truce in the Middle East that would end a 20-day war traders fear might draw in neighboring oil producers like Syria or Iran, both supporters of the Hizbollah guerrillas.
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