Markets: Oil back below $70 despite Iranian upheaval and attacks in Nigeria

Oil slipped back below $70 a barrel as a firmer dollar lessened crude’s lustre for investors using other currencies.

A new wave of attacks on oil installations in Nigeria, Africa’s largest exporter, and continued political unrest in Iran failed to anchor prices.

Nymex July West Texas Intermediate, the current US front month contract which expires later today, shed $1.20 to $68.35. Taking its place, and with a far larger current open interest, the Nymex contract for August delivery lost $1.24 to $68.78. ICE August Brent crude fell 92 cents to $68.27 a barrel.

Gold fell back 0.8 per cent to $925.55 a troy ounce, with dollar strength also contributing to downward pressure on the spot market price.

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