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U.S. oil prices lose 5%, drop back toward $70 a barrel

U.S. oil prices dropped again towards $70 a barrel on Wednesday, shedding 5% to finish at their lowest in over two weeks. The Energy Information Administration reported that U.S. crude supplies sank 12.6 million barrels final week. The news, on the other hand, didn't offset drive from expectancies that Libya will soon resume oil exports and considerations surrounding the commercial have an effect on of worsening U.S.-China business tensions and a stronger buck. August West Texas Intermediate crude CLQ8, -4.36% dropped $3.73, or 5%, to settle at $70.38 a barrel on the New York Mercantile Exchange, the bottom finish since June 25, according to FactSet knowledge.