Brent crude fell for a second day on signs violence in Iraq may not affect the nation’s oil supply. West Texas Intermediate dropped amid speculation that gains to a nine-month high last week were excessive.
Futures slid as much as 0.7 percent in London. Kurdish troops are defending Kirkuk, Iraq’s fourth-biggest oilfield, against Islamist militants after deploying outside their semi-autonomous region in the country’s north. Exports from Iraq’s Basrah oil terminal on the Persian Gulf are set to climb in July, preliminary cargo data compiled by Bloomberg show. The nation’s output hasn’t been hurt by the violence, the International Energy Agency said today.
Brent for August settlement dropped as much as 78 cents to $112.16 a barrel on the ICE Futures Europe exchange and was at $112.73 at 1:28 p.m. London time. The volume of all futures traded was about 50 percent above the 100-day average for the time of day. Prices are up 1.8 percent this year.
via Bloomberg
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Alfonso Esparza
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