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Oil drops back to near $84 amid ample US supplies

Associated Press Modified: November 9, 2012 at 7:45 am •  Published: November 9, 2012

Analysts say risks to future supplies of oil remain and could keep prices from falling much lower.

"In addition to the ongoing problems with North Sea production, we are now also seeing delays to shipments in Nigeria and Azerbaijan. This is compounded by the continuing tensions in the crisis-ridden regions of the Middle East," said a report from analysts at Commerzbank in Frankfurt.

Brent crude, which is used to price international varieties of oil, was down 59 cents at $106.66 a barrel on the ICE Futures exchange in London.

In other Nymex energy futures trading:

— Wholesale gasoline was down 0.17 cent to $2.6056 a gallon.

— Heating oil dropped 0.55 cent to $2.9499 a gallon.

— Natural gas lost 3.8 cents to $3.57 per 1,000 cubic feet.