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May 29, 2014

Oil prices trade around $110 on supply worries and US demand

Brent crude traded around $110 a barrel on Friday amid supply worries and signs of strong oil demand in the US.

Brent crude traded around $110 a barrel on Friday amid supply worries and signs of strong oil demand in the US.

Reuters reported that Brent declined ten cents to reach $109.87 a barrel, while US light crude oil dropped 25 cents to $103.33 a barrel.

The Ukraine Government is planning to continue its assault against pro-Russian rebels, who seized an airport in the country.

Several investors feel that the Ukraine crisis may increase tensions between Russia and the West, affecting energy supplies to Europe.

As a result of the protests and violence, oil supply from Libya is currently minimal.

"As a result of the protests and violence, oil supply from Libya is currently minimal."

Data from the US Energy Information Administration revealed that gasoline stocks fell by 1.8 million barrels, compared with expectations of a 300,000-barrel increase.

Citing sources who track tanker movements, Reuters reported that the crude oil exports in Iran rose in May 2014 after a decline in April.

One of the sources said the country’s exports have averaged 1.38 million barrels per day in May 2014.

Washington was concerned due to the increase in Iranian sales in late 2013 and early 2014, as it expected that softening of sanctions has led to Tehran’s economy rise.

US officials anticipate that oil sales in Iran will meet the whole six-month period target.

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