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Brent crude falls as Iraq output fears ease

🕐 1 min read

The Associated Press

The price of global crude oil fell Wednesday, retreating from record highs after OPEC assured that Iraq’s production remained normal despite violence while U.S. crude rose after a report said export controls would be loosened.

Benchmark U.S. crude for August delivery rose 28 cents to $106.28 per barrel on the New York Mercantile Exchange. The contract dropped 14 cents to settle at $106.03 on Tuesday. Brent crude, used to price international oils, dropped 65 cents to $113.80 a barrel in London.

U.S. benchmark crude futures rose after The Wall Street Journal reported that the U.S. government was loosening a longstanding ban by letting two companies sell American oil internationally. The newspaper said the Obama administration would allow foreign buyers to purchase a type of ultralight oil known as condensate, which can be turned into gasoline, jet fuel and diesel.

International crude fell further from a nine-month high reached earlier this week after the head of OPEC , the group of major oil exporters, said that Iraq’s production was normal, with 95 percent of capacity in the south unaffected by the violence, which has been concentrated in the country’s north.

In other energy futures trading on the Nymex:

— Wholesale gasoline fell 2 cents to $3.08 a gallon.

— Natural gas fell 0.8 cent to $4.53 per 1,000 cubic feet.

— Heating oil fell 1.1 cent to $3.04 a gallon.

 

 

 

 

 

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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