The price of oil slipped to near $103 a barrel Tuesday as concerns about possible supply disruptions continued to fade. Benchmark U.S. crude for August delivery was down 12 cents to $103.41 a barrel in electronic trading on the New York Mercantile Exchange. It lost 53 cents to $103.53 on Monday. Brent crude, a benchmark for international oils, fell 26 cents to $109.98 in London. The benchmark oil price has gradually eased since it hit a 10-month closing high of $107.26 on June 20, reflecting worries that insurgents in Iraq might push into important oil-producing regions and choke off supplies from OPEC’s second-biggest exporter. The Iraqi government’s progress in regaining some control since then has assuaged those fears, and oil prices have dropped.
Source: AP