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WTI Crude Heads for Second Weekly Drop as Supply Concerns Wane

July 4 (Bloomberg) -- West Texas Intermediate oil headed for a second weekly decline amid speculation that Iraqi crude supply will remain unaffected by violence and Libya seeks to resume crude shipments after reopening oil terminals.

Futures were little changed in New York after dropping for a sixth day yesterday, the longest run of declines since May 2012. Fighting in Iraq hasn’t spread to the south, home to more than three-quarters of its crude output. Libya will resume exports at full capacity from two ports in the east after taking control from rebels, a National Oil Corp. spokesman said yesterday. Hurricane Arthur is nearing the U.S. East Coast and may reduce driving over the Fourth of July holiday.

WTI for August delivery was at $104.09 a barrel, up 3 cents, in electronic trading on the New York Mercantile Exchange at 9:27 a.m. Sydney time. The contract decreased 0.4 percent to $104.06 yesterday. Prices are down 1.6 percent for the week. The volume of all futures traded was about 85 percent below the 100- day average.

Brent for August settlement fell 24 cents, or 0.2 percent, to $111 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark crude ended the session at a premium of $6.94 to WTI.

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