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Crude Oil Down on Middle East Truce


The price of crude oil is lower for a second day following a truce between Israel and Hezbollah.

The market also had calmed on news from B.P. that oil will continue to flow, although at half-capacity, from North America's largest oil field, Prudhoe Bay. B.P. earlier said it anticipated a complete shutdown of the Alaskan oil field during pipeline repairs.

Prices in New York dropped 38 cents to $73 a barrel Tuesday.

New York's crude oil market saw record highs July 14 of more than $78 a barrel on fears that the conflict in Lebanon could widen throughout the region.

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