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Oil edges down from $107 high

Iraqi oil officials had said that Thursday's bombing would not cut oil exports from the southern oil city of Basra.

But Dow Jones Newswires reported that exports from southern Iraqi terminals have been reduced to about 1.2 million barrels a day from a normal rate of 1.56 million barrels a day.

Analysts said the full impact of the attack on Iraq's oil exports was not yet known.

"There has been limited reporting on the extent and severity of the damage ... it's still a little bit unclear exactly how much damage was done," said David Moore, a commodity strategist at the Commonwealth Bank of Australia in Sydney.

Light, sweet crude for May delivery lost 24 cents to fetch $106.90 a barrel by noon in European electronic trading on the New York Mercantile Exchange.

The contract rose $1.68 to settle at $107.58 a barrel on Thursday.

The attack was the second bombing of a pipeline in a week in Basra, where Iraqi security forces have been clashing with

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