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Light, sweet crude oil prices fell on the New York market July 22 to their lowest level since May 9. Analysts attributed falling oil prices to ample world gasoline supplies and also a climbing weekly US rig count, which suggests world oil inventories could remain high longer than expected.

Angola struggles with economic problems and the potential for political instability as a presidential election approaches, warns an analyst at Verisk Maplecroft, Bath, UK.

Crude oil prices in Texas averaged $45.19/bbl in June, marking the fourth straight monthly increase since the average monthly price fell to a low of $27.08/bbl in February.

Light, sweet crude oil prices fell by more than $1/bbl on the New York market July 25 to the front-month’s lowest settlement since Apr. 25 while Brent oil prices fell nearly $1/bbl on the London market to that front-month’s lowest settlement since May 9.

BP PLC recorded a $2.25-billion net loss in the second quarter and $2.73-billion net loss for the first half. Those totals compare with a $6.27-billion net loss in second-quarter 2015 and $4.16-billion net loss for first-half 2015.


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