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Crude prices drop after recent gains

Crude prices drop after recent gains/AFP

Crude prices drop after recent gains/AFP

LONDON, May 30 – Oil prices fell on Friday as traders took a breather after recent gains, but signs of stronger US gasoline demand and escalating tensions in Ukraine provided support, according to analysts.

US benchmark, West Texas Intermediate (WTI) for delivery in July, shed 43 cents to $103.15 a barrel compared with Thursday’s close.

Brent North Sea crude for July fell 29 cents to stand at $109.68 a barrel in London midday deals.

The US Department of Energy’s weekly oil report on Thursday showed overall US inventories rising, but gasoline, or petrol, supplies falling in the week ended May 23.

Desmond Chua, market analyst at CMC Markets in Singapore, told AFP the decline in gasoline supplies suggested robust demand going into the US summer driving season when Americans take to the roads for their holidays.

Traders are tracking also the escalating fighting between government troops and separatist rebels in Ukraine, a major pipeline conduit for Russia’s natural gas exports to Europe.

In one of the biggest setbacks in Kiev’s seven-week campaign against insurgents, 12 Ukrainian troops including an army general were killed Thursday when their helicopter was shot down.

The West has accused Russia of fomenting unrest in its neighbour since the ousting of pro-Kremlin president Viktor Yanukovych in February. Moscow denies the allegation.

Investors fear a full-blown conflict in the ex-Soviet state will disrupt supplies and send energy prices soaring.

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