Oil prices fall on easing geopolitical fears

US benchmark West Texas Intermediate (WTI) for delivery in September dropped $1.01 to $96.34 a barrelOil prices slid lower Monday on easing concerns about conflicts in Ukraine and Iraq and increased output by Libya. US benchmark West Texas Intermediate for delivery in September finished trade at $96.41 a barrel, shedding 94 cents from Friday’s closing level. The key European futures contract, Brent North Sea crude for October, sank by $1.93 to settle at $101.60 a barrel, its lowest level since June 2013. “The crude complex starts this week by being clobbered lower as Libya production has increased to 540,00 bpd (barrels per day) and Kurds have recaptured control of most of the Mosul dam in Iraq,” said Matt Smith of Schneider Electric.

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