West TX Oil Steady Around $107 as Iraq Tightens Security

U.S. crude oil futures slipped on Tuesday after a rally triggered by unrest in Iraq lost some steam as OPEC’s second-largest producer tightened security around oil infrastructure and oilfields to protect them from insurgents.

But investors remain wary about a potential disruption to oil exports amid advances by Sunni Islamist insurgents and the possibility of U.S. air strikes.

U.S. crude oil futures fell, as traders booked profits after oil futures hit a session high of $107.54. Surging domestic oil production in the U.S. makes it less vulnerable than other countries to a supply squeeze out of Iraq.

CNBC

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