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Crude prices pull back

Analysis

Crude prices pulled back Friday as the August's contract to be expired Saturday.

Light, sweet futures for August delivery fell 35 cents to $75.57 a barrel on the NYMEX after trading as high as $76.13 early in the day. The September crude contract fell 28 cents to settle at $75.79.

London Brent ended 3 cents lower at $77.64 a barrel. Crude prices rallied this week due to falling US inventories in the midst of driving season and problems with African crude production.

Crude oil for September delivery fell as much as 49 cents, or 0.7%, to $75.30 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $75.41 this morning in London.

Oil also fell on expectations US fuel stockpiles may rise as refiners increase output. Gasoline demand in the US, the world's biggest oil user, has peaked in June or July in four of the past five years.

Brent crude oil for September settlement fell as much as 70 cents, or 0.9%, to $76.96 a barrel on the ICE Futures exchange. This went a bit higher at $76.99 by 9:28 a.m. in London. (english.people.com.cn)

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