The price of oil slipped closer to $103 a barrel Tuesday as concerns about supply disruptions continued to fade.
Benchmark U.S. crude for August delivery fell 13 cents to close at $103.40 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, fell $1.30 to close at $108.94 on the ICE Futures exchange in London.
Oil has been falling steadily since it hit a 10-month closing high of $107.26 on June 20 as the Iraqi government has slowly re-established stability after an advance by insurgents. Meanwhile, an agreement in Libya between the central government and a regional militia is clearing the way for more exports there.