Oil Prices Briefly Fall Below $70

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Oil prices briefly dipped below $70 a barrel during trading Friday for the first time in almost two months after a wave of good news in the Middle East and from an Alaskan oil field, the Associated Press reports.


Late Friday morning in New York, light, sweet crude for September delivery fell as low as $69.60 a barrel – a level not seen since June 21 when oil reached a low of $68.80. Prices later climbed to $70.05, down a penny from Thursday’s close, in electronic trading on the New York Mercantile Exchange.


At London’s ICE Futures exchange, Brent crude for October rose 62 cents to $72.20 a barrel. In other Nymex trading, gasoline futures gained 2.34 cents to $1.9550 a gallon. Heating oil futures rose 1.1 cents to $1.9760 a gallon, while natural gas futures dropped 10.9 cents to $6.590 per 1,000 cubic feet.



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