Oil Prices Drop Further as Middle East Supply Fears Ease

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Oil prices fell again on Thursday, edging closer to levels last seen before the Iran conflict began. The reason is simple: the market now expects more supply from the Middle East.

Brent crude for August delivery dropped $1.06, or 1.44%, to $72.68 a barrel by 0639 GMT. U.S. West Texas Intermediate lost 76 cents, or 1.08%, to $69.58 a barrel.

Traders are shifting focus from demand worries to rising supply expectations. That combination is putting pressure on prices.

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