Oil eases from 11-month high; eyes Nigeria, N.Sea

No Comments » July 10th, 2007 posted by // Categories: Favorite Articles

SINGAPORE (Reuters) – Brent crude oil eased on Tuesday after a seven-day rally lifted prices to their highest in 11 months, but losses were limited by fears of further violence in No. 8 exporter Nigeria and looming North Sea maintenance.

London Brent crude (LCOc1) currently seen as a better indicator of the global market, fell 31 cents to $75.47 a barrel by 0207 GMT, reversing Monday’s 16-cent gains but still within sight of the contract’s all-time high of $78.65 struck August 8.

U.S. crude (CLc1) inched down 7 cents to $72.12 a barrel after falling 62 cents a day ago, as traders fretted that fresh refinery troubles would keep U.S. crude oil stocks flush.

Oil prices have risen at the start of the third quarter in tandem with broader commodities, helping lift the 19-contract Reuters-Jefferies CRB Index (.CRB) to its highest this year…

Read More:http://investing.reuters.co.uk/news/articleinvesting.aspx?type=hotStocksNewsUS&storyID=2007-07-10T024739Z_01_KRA933259_RTRUKOC_0_US-MARKETS-OIL.xml

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