Oil prices dropped below $74 a barrel this evening as traders took profits amid hopes of a ceasefire between Israel and Hezbollah despite continued Middle East violence.
Crude futures had risen earlier in the day, lifted by violence in the Middle East, a big oil pipeline leak in Nigeria, and concerns over refinery shut-downs in the US.
New York's main contract, light sweet crude for delivery in September, shed $1.10 to $73.95. In London, Brent North Sea crude for September delivery lost $1.03 to $73.58.
