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Crude oil fell for a sixth day in a row as Libya prepared to increase exports from two ports closed for a year. Libya is ready to export from the Es Sider and Ras Lanuf terminals after ending force majeure, the country's Oil Ministry said today.
Futures also dropped as the Islamist insurgency in Iraq hasn't spread to the south, the source of most of the country's output. Fighting remains concentrated in the north.
Cost of the August futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $103.38 a barrel (-0.38%) on the New York Mercantile Exchange (NYMEX).
August futures price for North Sea Brent crude oil mixture fell to $110.26 a barrel (-0.27%) on the London exchange ICE Futures Europe.
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