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Oil fell almost $2 a barrel to below $73 on Monday as a truce took effect to end fighting between Israel and Hizbollah, easing concern about supply from a region that pumps a third of the world's oil.
Prices also slipped as BP said it would keep half its Prudhoe Bay oilfield, the largest in North America, pumping while it carries out pipeline repairs instead of shutting down the entire field.
U.S. crude was down $1.55 a barrel at $72.80 after dropping to $72.60, the lowest since July 20. London Brent lost $1.71 to trade at $73.92.
Prices may fall further.
Nymex Crude Future 72.70 at 11:22 NY Time or 23:22 Beijing Time
[ Last edited by BY on 2006-8-15 at 12:14 AM ] |
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