Brent prices remain stable as Iraq oil data eases supply worries

|By:, SA News Editor

Brent crude fell below $114/bbl, its lowest levels in a week, amid speculation that Iraqi oil production won’t be disrupted by violence; at last check, Brent nearly flat at $114.24 while West Texas crude +0.1% at $106.32.

The lack of concern in the oil markets comes despite the fall of Iraq's largest oil refinery to ISIS rebels, as local tribal leaders negotiate the peaceful surrender of the last remaining Iraqi soldiers trapped in the refinery at Beiji, ending a two-week siege.

Exports from Iraq's southern terminals averaged 2.53M bbl/day up to June 21, Reuters reports, vs. May's average of 2.58M bbl/day, which was the highest since 2003.

Still, having the militant group within miles of Baghdad threatens to derail plans to increase Iraq's production, posing a bigger risk to long-term oil prices than traders anticipate.

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