Crude oil prices stay below US$70

For the second consecutive week, crude oil prices have finished in the red, settling below US$70. Light sweet crude oil for August delivery settled at US$69.1, doen by over one dollar for the week amid rough trading. The Energy Information Administration data indicated a 3.8 mln barrel dip in crude oil inventories in the week ended June 19, while gasoline inventories increased by 3.9 million barrels. Prices spiked up on Thursday by over US$1.5 on economic optimism and supply concerns as the Movement for the Emancipation of the Niger Delta claimed it attacked a Shell pipeline. The US economic recovery seems to be getting healthier as per reports by the Commerce Department that personal income jumped 1.4% in May following an 0.7% increase in April. Personal spending rose 0.3% in May after coming in unchanged in the previous month.
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