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Oil edges lower after drop of Libyan supplies

The price of oil edged lower Monday after its biggest one-day drop since April on expectations Libyan oil will soon return to the market.

Benchmark U.S. crude for August delivery was down 39 cents to US$100.44 per barrel at 0535 GMT in electronic trading on the New York Mercantile Exchange. It fell 3.1 percent last week and is down 4.3 percent so far in July.

Brent crude, a benchmark for international oils, gained 19 cents to US$107.45 on the ICE exchange in London.

Oil prices shot up in June to a 10-month high over concerns violence in Iraq might disrupt supplies from the Organization of Petroleum Exporting Countries' (OPEC) second-largest exporter. Prices then drifted lower over the past two weeks as the advance by Iraqi insurgents stalled and oil exports were not threatened.

Friday's decline of US$2.10, or about 2 percent, in the U.S. price was the biggest one-day loss since oil fell 2.2 percent on April 22.

At the same time, the International Energy Agency lowered its 2014 forecast of global demand due to weaker economic data. It predicted demand would rise 1.5 percent next year to 94.1 million barrels a day.

In other Nymex trading:

— Wholesale gasoline fell 0.1 cent to US$2.88 a gallon.

— Natural gas shed 0.9 cent to US$4.137 per 1,000 cubic feet.

— Heating oil gained 0.5 cent to US$2.878 a gallon.

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