Oil prices dropped below $75 per barrel in Asia today after three days of gains, following a larger-than-expected decline in US crude inventories. EIA data revealed a 3.728 million barrel drop, marking the sixth consecutive weekly decrease. Despite this, gasoline and distillate inventories increased. Supply concerns lingered, with heightened tensions in the Middle East as Hamas appointed a new leader and Libya's Sharara oil field reduced production due to protests. MCX August futures fell by Rs 19 to Rs 6308 per barrel.

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