By Christian Schmollinger
June 18 (Bloomberg) -- Crude oil pared gains, trading near $71 a barrel in New York, as concern that demand is falling outweighed potential supply disruptions in Nigeria.
Crude oil for July delivery was at $70.99 a barrel, down 4 cents, in electronic trading on the New York Mercantile Exchange at 12:20 p.m. Singapore time. The contract earlier rose as much as 55 cents, or 0.8 percent, to $71.58 a barrel. Prices are up 59 percent this year.
To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net.
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