Oil Prices Fall After U.S. Inventory and OPEC Reports

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The price of crude oil fell 40 cents, or 0.6%, to $63.18 a barrel in Friday morning trading on the New York Mercantile Exchange after a pair of reports eased concerns about the ability of the United States to withstand possible supply disruptions, Bloomberg News reported.

The decline brought oil prices off of two-week highs, Bloomberg reported. On Thursday, oil closed at $63.58 – its highest close since March 3.

A report earlier this week by the Department of Energy that said U.S. petroleum reserves were at their highest levels since May 1999 and a statement by OPEC that they expected demand for oil to ease this year helped relax prices, analysts told Bloomerg.