WASHINGTON (dpa-AFX) - Oil futures settled slightly down on Friday, due largely to profit taking by traders after recent strong upmove amid escalating tensions in the Middle East and a bigger than expected drop in U.S. crude stockpiles last week.
West Texas Intermediate Crude oil futures for October ended down $0.03 at $71.92 a barrel.
Brent crude futures were down $0.19 or 0.25% at $74.69 a barrel a little while ago.
Oil futures posted strong gains earlier in the week on supply concerns due to tensions in the Middle East.
According to reports, Israel has launched major strikes on Lebanon. Israel said warplanes struck hundreds of multiple-rocket-launcher barrel.
Meanwhile, Bulgarian authorities have stated that a Sofia-based company had nothing to do with the delivery of exploding communications devices to Lebanese miltant group Hezbollah, according to a report from Agence Frane-Presse.
Earlier in the week, scores of pager and walkie-talkies detonated across Lebanon, killing several people and injuring almost 3,000.
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