The violence that broke out on July 12 between Israael and Hezbollah militants in Lebanon led to a record $78.40 a barrel in crude oil prices.
Refinery problems in the U.S. and an unexplained pipeline leak that led to Shell shutting down production in Nigeria kept the prices high.
Though the prices have been topsy-turvy, since Tuesday, there has been a drop in the oil prices. While there is no apparent catalyst for this, brokers believe it could just be 'some old- fashioned profit-taking.'
And the fact that the fighting hasn't escalated into a regional war which could disrupt supplies has helped in the decline from $78 a barrel.
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