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Oil fell this morning for a third day in New York on speculation that territorial gains by Libyan rebels may speed up a resolution to the country’s civil war.
Futures declined as much as 1.7 percent after insurgents recaptured the Libyan oil port of Ras Lanuf yesterday while allied warplanes began airstrikes on the capital, Tripoli.
Crude for May delivery fell 68 cents, or 0.6 percent, to $104.72 a barrel at 10:41 a.m. EDT on the New York Mercantile Exchange. Earlier, futures touched $103.60.
Oil’s three-day decline is the longest drop since a four-day retreat through March 11. Prices have gained 31 percent in the past year.
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