WASHINGTON (dpa-AFX) - Oil prices are lower Friday morning, but look well on course to post another weekly gain, having moved higher in earlier sessions amid possible tight supply conditions due to the tensions in the Middle East and the recent data showing a bigger than expected drop in U.S. crude inventories.
Profit taking and a stronger dollar appear to be weighing on oil prices.
West Texas Intermediate Crude oil futures for October are down $0.22 or 0.31% at $71.73 a barrel.
Brent crude futures for November are down $0.42 or 0.56% at $74.46 a barrel.
According to reports, Israel has launched major strikes on Lebanon. Israel said warplanes struck hundreds of multiple-rocket-launcher barrel.
Meanwhile, Bulgarian authorities have stated that a Sofia-based company had nothing to do with the delivery of exploding communications devices to Lebanese miltant group Hezbollah, according to a report from Agence Frane-Presse.
Earlier in the week, scores of pager and walkie-talkies detonated across Lebanon, killing several people and injuring almost 3,000.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
