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Geopolitical tensions keep oil prices high

U.S. benchmark crude for August delivery fell 17 cents to $104.42 a barrel on the New York Mercantile Exchange.
By PABLO GORONDI, Associated Press Published: July 22, 2014
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In brief

Oil prices see slight drop

The price of oil fell slightly Tuesday, but experts see geopolitical tensions preventing any significant short-term declines.

U.S. benchmark crude for August delivery fell 17 cents to $104.42 a barrel on the New York Mercantile Exchange. The more heavily traded September contract slipped 47 cents to $102.39.

Brent crude for September delivery, a benchmark for international oils, dropped 35 cents to $107.33 on the ICE Futures exchange in London.

Fighting between the Israeli military and Palestinian militants in Gaza has added to the risk of instability in the oil-rich Middle East just as tensions have intensified between the West and Russia, a major oil and gas producer, over the Ukraine crisis.

European leaders are considering tougher sanctions against Russia for its backing of separatists accused of shooting down the Malaysia Airways passenger plane in Ukraine last week.

Associated Press


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