Oil eased on Friday on profit taking after a near 4 percent surge the previous session to a record above $140, as U.S. lawmakers approved legislation aimed at curbing energy market speculation.
U.S. light crude for August delivery was down 43 cents at $139.21 a barrel in Globex electronic trading by 1:03 a.m. EDT, after falling as much as $1.03 at the start of electronic trading.
London Brent crude fell 62 cents to $139.21.
Oil is down on a little bit of profit taking and also news from the U.S. regarding increased regulation of markets.
The legislation, which still needs Senate approval, directs the Commodity Futures Trading Commission (CFTC), the futures market regulator, to use all its authority including emergency powers to "curb immediately" the role of excessive speculation in energy futures markets.
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