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US oil price flat for week

Published on NewsOK Modified: May 9, 2014 at 4:21 pm •  Published: May 9, 2014

The price of oil slipped Friday to just under $100 a barrel, leaving crude nearly flat for the week.

Benchmark U.S. crude for June delivery fell 27 cents to close at $99.99 in New York. The contract ended last week at $99.76.

Brent crude, a benchmark for international varieties of oil used by many U.S. refineries, declined 15 cents to close at $107.89 in London.

Crude supplies in the U.S. fell this week, which surprised traders and gave some support to prices. But supplies remain ample and refineries are pumping out enough fuel to meet demand. That suggests refineries won't need to quickly draw down supplies in the coming weeks.

Overseas demand for crude appears muted and supplies are plentiful, but worries over the political turmoil in the Ukraine and continued disruption of oil exports from Libya have kept Brent prices up.

"Libya's two most important oil terminals, Ras Lanuf and Es Sider, will remain shut for the foreseeable future which is likely to continue to severely hamper the supply of oil," said analysts at Commerzbank in Frankfurt in a note to clients.

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