RTTN: Crude Oil Down 0.5% as Open-Outcry Trading Begins in New York
Crude oil futures opened modestly weaker at the start of open outcry trading in New York, undermined by firmness in the U.S. dollar against major currencies and a soft tone in equity markets this morning.
At 0906 am ET, the September contact for U.S. light oil was down 47 cents, or 0.5%, at US$92.96.
Geopolitical concerns in the Middle East, which have been a key factor driving crude higher, is easing somewhat, after the U.S. said it did not believe Israel had made a decision to attack Iran.
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