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August 20, 2004 4:00 PM, EDT

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rude oil futures fell from record highs Friday after Iraqi authorities took control of an embattled mosque in Najaf after a weeklong standoff between militants and government and U.S. troops, Bloomberg News reported.

After topping $49 a barrel earlier in the day, crude oil for September delivery fell 84 cents, or 1.7%, to close at $47.86 a barrel on the New York Mercantile Exchange, Bloomberg said.

Oil futures, which rose 2.7% this week, were 55% higher than a year earlier. The September contract expires today, while the more active October futures contract fell 92 cents, or 1.9%, to close at $46.72 a barrel, Bloomberg said.

The easing of hostilities in Najaf likely will help ease some concerns about oil supplies from the war-torn country, which had been disrupted by about half, Kyle Cooper, an analyst with Citigroup, told Bloomberg.

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