US oil prices drop below $66

US oil prices fell further below $66 today as they pull back from a rally that added $10 in little over a week.

US oil prices fell further below $66 today as they pull back from a rally that added $10 in little over a week.

Concerns over gasoline supplies eased with the ending on Saturday of a strike by workers at French Mediterranean oil terminal Fos Lavera, the world's third biggest port for refined oil products.

The 18-day strike had threatened fuel flows to the United States and the domestic French market.

US crude was down 24 cents at $65.63. London Brent, more sensitive to developments in the Middle East because of proximity, was up 40 cents at $68.50.

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US oil closed 16 cents lower on Friday, the first decline after eight consecutive sessions of gains. However, Iran's continuing detention of 15 British sailors provided solid price support.

Prices have risen more than 16 per cent since March 19th and rallied to a six-month closing high on Thursday.

Iran is the world's fourth-biggest oil exporter, shipping roughly 2.5 million barrels per day to world markets. It also borders the Strait of Hormuz, conduit for two-fifths of globally traded oil.