OF: Oil prices fall on Friday due to Middle East supply concerns
Oil prices have fallen over supply concerns following escalating geopolitical disturbance in the Middle East.
July Brent crude fell 25 cents at $66.29 a barrel and the US crude for July dipped 27 cents at $60.45 a barrel, Reuters reported.
Oil traders are worried that conflicts in Iraq could disrupt supply due to a rise in geopolitical tension following attacks by Islamic State fighters on the city of Palmyra on Thursday.
Following a fall in US crude stockpiles last week, crude futures in the country is going up.
Commerzbank Frankfurt senior oil and commodities analyst Carsten Fritsch told the news agency: "No-one wants to hold open positions ahead of a long weekend so books are being squared, bringing some consolidation."
The US Energy Information Administration released data that highlighted a dip in the US oil product stockpiles, suggesting a strong demand.
American Automobile Association (AAA) reported that the US travel is expected to reach a ten-year high over Memorial Day on 25 May showing a sign of slip in product inventory even further over coming weeks.
Crude stocks in Cushing, Oklahoma, declined by almost 740,000 barrels between Friday and Tuesday, according to trade sources.
