Oil drops with supply rebound
The price of oil continued to fall Thursday, trading below $102 a barrel as the outlook for supply remained robust.
By early afternoon in Europe, benchmark U.S. crude for August delivery was down 34 cents to $101.95 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, a benchmark for international oils, was down 12 cents to $108.16 on the ICE Futures exchange in London.
Oil has fallen steadily for more than a week partly because worries about disruptions of the Iraqi oil supply have subsided and Libyan oil is returning to the global market.
Political strife has shut ports and disrupted production in Libya but agreements with local militias are now expected to open two ports. A major field restarted production Tuesday. Analysts said crude shipments could ramp up quickly because oil has accumulated in tanks at the closed ports.
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