Sunday, July 1, 2007

Oil eases on profit-taking, higher US refinery use

(Reuters) - Oil prices slipped on Monday as traders took profits after a weekend with no supply disruptions, and looked ahead to a recovery in U.S. refinery use that may boost fuel production.

London Brent crude traded 22 cents lower at $71.19 a barrel by 0242 GMT, after gaining 89 cents on Friday. U.S. light crude eased 23 cents after a $1.11 rally on Friday to the highest settlement since August 2006.


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