Oil little changed after three days of gains

–Oil futures were little changed in early afternoon trading Friday in Asia, reversing a modest morning pullback and as the market has risen three-straight days.

–September light, sweet crude on the New York Mercantile Exchange was recently up a penny at $69.62 a barrel in the Globex trading session. Brent was off 3 cents at $74.51.

–Saudi Arabia’s decision Wednesday to temporarily halt shipments through the Bab el-Mandeb strait in the Red Sea isn’t been seen as a significant threat to supplies, said Commerzbank analyst Carsten Fritsch. He added prices should remain range-bound as investors weigh looming increases to higher Saudi and Russian output with the risk of declining shipments from Iran.

Write to Biman Mukherji at [email protected]

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