RTTNews - Crude oil prices closed below $70 on Friday amid concerns that supplies will outweigh demand. The decline erased the modest gains of the last two sessions.

Light sweet crude for July delivery settled at $69.55 per barrel, down $1.82, its lowest close since June 8. The July contract expires on Monday.

Prices had reached as high as $72.30 Friday amid early worries over violence in Nigeria. The Movement for the Emancipation of the Niger Delta claimed it has blown up an Agip pipeline that delivers to a Brass export terminal. Two days earlier, the group attacked a Royal Dutch Shell pipeline.

The dollar recovered most of an early slide that took it to a weekly low against the euro. The greenback also remained close to its unchanged levels against the sterling and yen.

There was no major economic news expected on Friday leaving traders to look ahead to next week's calendar, which features the Fed interest rate decision on Wednesday and gross domestic product data on Thursday.

For the week, crude oil lost $2.49. Energy Information Administration data on Wednesday showed crude oil inventories decreased by 3.9 million barrels in the week ended June 12, but gasoline stocks increased by 3.4 million.

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