Oil on 2-week slide even with Mideast turmoil - 13 WTHR Indianapolis

Oil on 2-week slide even with Mideast turmoil

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NEW YORK -

The price of oil has fallen for nine straight days as global supplies continue to flow despite unrest in the world's most important oil-producing region.

The prolonged drop could lead to lower gasoline prices for U.S. drivers in the weeks ahead.

In the Middle East, the insurgency in Iraq is far from resolved, but hasn't halted oil exports. The fighting now seems unlikely to spread to Iraq's major oil fields. Tensions between Israel and Hamas have escalated in the past week, but aren't threatening any major oil production.

On the supply side, Libyan crude exports appear poised to surge after an agreement between the government and local militias cleared the way for export terminals to open. And U.S. production continues to soar.

In Thursday trading, benchmark U.S. crude for August delivery was down 44 cents at $101.85 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.11 to close at $102.29 on Wednesday.

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