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Oil slips closer to $103 as supply fears recede

KDWN

Oil prices were steady Wednesday ahead of the release of figures on U.S. stockpiles of crude and refined fuels that will be a key indicator of expected demand.

Benchmark U.S. crude for August delivery was down 5 cents at $103.35 a barrel at 0805 GMT in electronic trading on the New York Mercantile Exchange. The contract fell 13 cents to close at $103.40 on Tuesday.

Brent crude, a benchmark for international oils, was down 46 cents to $108.60 on the ICE exchange in London.

Energy Information Administration data for the week ending July 4 is expected to show declines of 3 million barrels in crude oil stocks and of 1 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

Oil has been falling steadily, partly because worries about disruptions to the oil supply from Iraq have subsided. Oil hit a 10-month closing high of $107.26 on June 20.

Gauging demand in coming months from the world’s two major economies, the U.S. and China, will be key for energy prices.

In other energy futures trading on Nymex:

- Wholesale gasoline was down 1.7 cents at $2.956 a gallon.

- Natural gas was little changed at $4.207 per 1,000 cubic feet.

- Heating oil fell 0.7 cent to $2.867 a gallon.

Oil slips closer to $103 as supply fears recede

KDWN

TOKYO (AP) — Oil prices inched up Wednesday ahead of the release later in the day of information on U.S. stockpiles of crude and refined fuels that will be a key indicator of expected demand.

Benchmark U.S. crude for August delivery added 12 cents to close at $103.52 a barrel on the New York Mercantile Exchange.

Brent crude, a benchmark for international oils used by many U.S. refineries, added 5 cents to $108.99 on the ICE Futures exchange in London.

Investors will be closely watching the information set to be released Wednesday by the Energy Information Administration on U.S. stockpiles of crude and refined fuels.

Data for the week ending July 4 is expected to show declines of 3 million barrels in crude oil stocks and of 1 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

Oil has been falling steadily, partly because worries about the oil supply from Iraq have subsided. Oil hit a 10-month closing high of $107.26 on June 20.

Gauging demand in coming months at the world’s two major economies, the U.S. and China, will be key for energy prices.

In other energy futures trading:

- Wholesale gasoline inched down 1 cent to close at $2.966 a gallon.

- Natural gas was little changed at $4.207 per 1,000 cubic feet.

- Heating oil was also virtually unchanged at $2.878 a gallon.

Oil slips closer to $103 as supply fears recede

KDWN

The price of oil slipped closer to $103 a barrel Tuesday as concerns about supply disruptions continued to fade.

Benchmark U.S. crude for August delivery fell 13 cents to close at $103.40 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, fell $1.30 to close at $108.94 on the ICE Futures exchange in London.

Oil has been falling steadily since it hit a 10-month closing high of $107.26 on June 20 as the Iraqi government has slowly re-established stability after an advance by insurgents. Meanwhile, an agreement in Libya between the central government and a regional militia is clearing the way for more exports there.

“The imminent return of Libyan supply to the market is continuing to weigh on prices,” said analysts at Commerzbank in Frankfurt in a note to clients.

U.S. crude production, meanwhile, is at its highest in about two decades.

Investors now await information to be released Wednesday by the Energy Information Administration on U.S. stockpiles of crude and refined fuels. Data for the week ending July 4 is expected to show declines of 3 million barrels in crude oil stocks and of 1 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

In other energy futures trading in New York:

- Wholesale gasoline fell 1.6 cents to close at $2.973 a gallon.

- Natural gas fell 2.1 cents to $4.204 per 1,000 cubic feet.

- Heating oil fell 4 cents to $2.874 a gallon.

AP Writer Pablo Gorondi contributed to this story from Budapest.

Oil slips closer to $103 as supply fears recede

KDWN

The price of oil slipped closer to $103 a barrel Tuesday as concerns about supply disruptions continued to fade.

Benchmark U.S. crude for August delivery fell 13 cents to close at $103.40 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, fell $1.30 to close at $108.94 on the ICE Futures exchange in London.

Oil has been falling steadily since it hit a 10-month closing high of $107.26 on June 20 as the Iraqi government has slowly re-established stability after an advance by insurgents. Meanwhile, an agreement in Libya between the central government and a regional militia is clearing the way for more exports there.

“The imminent return of Libyan supply to the market is continuing to weigh on prices,” said analysts at Commerzbank in Frankfurt in a note to clients.

U.S. crude production, meanwhile, is at its highest in about two decades.

Investors now await information to be released Wednesday by the Energy Information Administration on U.S. stockpiles of crude and refined fuels. Data for the week ending July 4 is expected to show declines of 3 million barrels in crude oil stocks and of 1 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

In other energy futures trading in New York:

- Wholesale gasoline fell 1.6 cents to close at $2.973 a gallon.

- Natural gas fell 2.1 cents to $4.204 per 1,000 cubic feet.

- Heating oil fell 4 cents to $2.874 a gallon.

AP Writer Pablo Gorondi contributed to this story from Budapest.

Oil slips closer to $103 as supply fears recede

KDWN

The price of oil slipped closer to $103 a barrel Tuesday as concerns about supply disruptions continued to fade.

Benchmark U.S. crude for August delivery fell 13 cents to close at $103.40 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, fell $1.30 to close at $108.94 on the ICE Futures exchange in London.

Oil has been falling steadily since it hit a 10-month closing high of $107.26 on June 20 as the Iraqi government has slowly re-established stability after an advance by insurgents. Meanwhile, an agreement in Libya between the central government and a regional militia is clearing the way for more exports there.

“The imminent return of Libyan supply to the market is continuing to weigh on prices,” said analysts at Commerzbank in Frankfurt in a note to clients.

U.S. crude production, meanwhile, is at its highest in about two decades.

Investors now await information to be released Wednesday by the Energy Information Administration on U.S. stockpiles of crude and refined fuels. Data for the week ending July 4 is expected to show declines of 3 million barrels in crude oil stocks and of 1 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

In other energy futures trading in New York:

- Wholesale gasoline fell 1.6 cents to close at $2.973 a gallon.

- Natural gas fell 2.1 cents to $4.204 per 1,000 cubic feet.

- Heating oil fell 4 cents to $2.874 a gallon.

AP Writer Pablo Gorondi contributed to this story from Budapest.

Oil slips closer to $103 as supply fears recede

KDWN

The price of oil slipped closer to $103 a barrel Tuesday as concerns about supply disruptions continued to fade.

Benchmark U.S. crude for August delivery fell 13 cents to close at $103.40 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, fell $1.30 to close at $108.94 on the ICE Futures exchange in London.

Oil has been falling steadily since it hit a 10-month closing high of $107.26 on June 20 as the Iraqi government has slowly re-established stability after an advance by insurgents. Meanwhile, an agreement in Libya between the central government and a regional militia is clearing the way for more exports there.

“The imminent return of Libyan supply to the market is continuing to weigh on prices,” said analysts at Commerzbank in Frankfurt in a note to clients.

U.S. crude production, meanwhile, is at its highest in about two decades.

Investors now await information to be released Wednesday by the Energy Information Administration on U.S. stockpiles of crude and refined fuels. Data for the week ending July 4 is expected to show declines of 3 million barrels in crude oil stocks and of 1 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

In other energy futures trading in New York:

- Wholesale gasoline fell 1.6 cents to close at $2.973 a gallon.

- Natural gas fell 2.1 cents to $4.204 per 1,000 cubic feet.

- Heating oil fell 4 cents to $2.874 a gallon.

AP Writer Pablo Gorondi contributed to this story from Budapest.