U.S. crude futures stood not far off $107 a barrel after jumping more than $1 in early Asian trade on a report the U.S. Commerce Department has approved exports of a light oil called condensate. The move, if confirmed, effectively loosens a 40-year ban on most U.S. crude oil exports.
U.S. crude for August delivery rose 77 cents to stand at $106.80 by 0835 GMT, after briefly hitting $107.50. Crude closed at $106.03 in the previous session. Brent for August delivery fell 46 cents to $114, down from $114.46.
The U.S. Commerce Department has approved plans by two companies, Pioneer Natural Resources and Enterprise Product Partners LP, to export condensate in a private ruling, the Wall Street Journal reported on Tuesday.
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