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Oil Prices Maintain Modest Declines in Asia

29 Jun 2018 4:36 am

By Biman Mukherji

--Oil futures' modesty early declines persisted at midday Friday in Asia after the U.S. benchmark hit fresh 3 1/2-year highs Thursday.

---August light, sweet crude on the New York Mercantile Exchange was recently down 0.3% at $73.20 a barrel in the Globex trading session. September Brent fell 0.1% to $77.50.

--The market has spiked the past week, starting with the modest increase in output caps agreed to by major oil producers. Adding to the gains since has been outages in Canada's oil sands and a U.S. threat of sanctions on those who import Iranian crude.

--Many anticipate the jump to persist. "Global oil demand remains healthy and supply disruptions are set to intensify this year," predicts Konstantinos Venetis, senior economist at T S Lombard.

Write to Biman Mukherji at biman.mukherji@wsj.com

(END) Dow Jones Newswires

June 29, 2018 00:36 ET (04:36 GMT)

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