Oil Edges Lower After Big Drop on Libyan Supplies 

The price of oil edged lower Monday after its biggest one-day drop since April on expectations Libyan oil will soon return to the market.
Benchmark U.S. crude for August delivery was down 39 cents to $100.44 per barrel in electronic trading on the New York Mercantile Exchange. It fell 3.1 percent last week and is down 4.3 percent so far in July. Brent crude, a benchmark for international oils, gained 19 cents to $107.45 on the ICE exchange in London. Oil prices shot up in June to a 10-month high over concerns violence in Iraq might disrupt supplies from OPECs second-largest exporter.
Source: AP

Leave a Reply

Your email address will not be published. Required fields are marked *