Oil prices dropped sharply on Friday, with U.S. crude falling below 70 U.S. dollars a barrel for the first time since March, as investors focused on improving prospects for the Middle East geopolitical situation and expectations of increased oil supply.
The West Texas Intermediate for August delivery dropped 2.69 U.S. dollars, or 3.74 percent, to settle at 69.23 dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery lost 3.27 dollars, or 4.34 percent, to settle at 71.99 dollars a barrel on the London ICE Futures Exchange.
Oil prices slump on Friday as Middle East tensions ease, supply concerns weigh
