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MARKET WATCH: Crude oil benchmarks rise on Libya, Canada supply outages
Oil & Gas Journal: The light, sweet oil price for August delivery rose July 9 on the New York market to settle at $73.85/bbl, which analysts attributed to continuing supply outages from Libya and Canadian oil sands. The Brent crude oil price for September also rose, settling above $78/bbl.
Unplanned supply outages supported the market with prices holding near more than 3-year highs. Other supply concerns include unilateral US sanctions against Iran, scheduled to become effective Nov. 4, along with Venezuela’s economic crisis and dropping production.
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