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Business news in brief

Business news briefs for Tuesday, July 23, 2013
By The Associated Press Published: July 23, 2013
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In brief

Oil, homes prices drop

Oil fell Monday after the U.S. government said sales of previously occupied homes dipped in June.

Meanwhile the average price of gasoline in the U.S. stayed at $3.67 a gallon over the weekend after rising steadily for two weeks.

Benchmark crude oil dropped $1.14 to finish at $106.91 a barrel on the New York Mercantile Exchange.

Sales of previously occupied homes in the U.S. slipped 1.2 percent in June to a seasonally adjusted annual rate of 5.08 million. Any sign that the U.S. economic recovery is slowing can depress oil prices.

Oil is still up more than $13 a barrel since June 21, underpinned by sharp declines in U.S. stockpiles and concerns of supply disruptions in the Middle East.

Some analysts, however, say the fundamental rules of supply and demand alone do not justify the rise and speculators are also pushing the price higher.

Associated Press