Bomb blasts in Indonesia pull down oil prices

Bomb blasts rocked the capital of Indonesia have pulled down oil prices. Crude prices weakened in Asia, dipping below US$62 a barrel after rising overnight in the US. However, though prices are a little bit softer, they continue to persist range-bound. Nymex light, sweet crude futures for delivery in August sold at US$61.54 a barrel in the Globex electronic session, while September Brent crude contract on London's ICE Futures settled at US$63.30. On Thursday, a more positive economic outlook from the Federal Reserve propped investor confidence. According to the Fed, industrial companies cut production far less in June than they had in previous months, and it also expects the economy to contract at a slower pace than previously thought. However, prices continue to be dampened by weak U.S. crude demand. The Energy Information Administration reported the country's supply of crude oil dropped more than expected last week, falling by 2.8 million barrels, and inventories have dropped 13.2 million barrels during the last four weeks.
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