Oil: an overview of the market situation

Market news

11 July 2014

Oil: an overview of the market situation

Crude oil dropped as supply risks eased in Iraq and Libya. Kurdish forces took over the Bai Hassan and Kirkuk oilfields today, Iraq's Oil Ministry said in a statement. Libya's supply rose as the Sharara field resumed output and two oil-export terminals reopened. The Kurds have taken over more fields in northern Iraq, which could lead to an increase in exports.

WTI for August delivery dropped to $101.33 a barrel (-1.55%) on the New York Mercantile Exchange.

Brent for August settlement fell to $106.92 a barrel (-1.53%) on the London-based ICE Futures Europe exchange.

U.S.: Federal budget , June 70.5 (forecast 79.0)

European stocks close: stocks traded higher, recovering losses

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