Oil eases towards $125 on stronger dollar
FTSE down on U.S. growth fearsAlthough Lebanon is not an oil producer, civil unrest there has pushed up oil prices in the past, most recently in the summer of 2006 when Israel invaded Lebanon in an unsuccessful attempt to subdue Hezbollah.
Oil's surge on Friday came amid large gains in heating oil and gasoline. Tight supplies on both sides of the Atlantic supported gains in heating oil, while expectations of higher gasoline demand in the summer driving season drove gasoline prices to a record high on Friday.
An OPEC source said on Friday the group might consider boosting output before its next scheduled meeting in September should crude oil prices keep rising, but Ecuador's, Qatar's and Iran's oil ministers said there were no plans for an early meeting as soaring prices were out of OPEC's control.
(Editing by Ramthan Hussain)
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