Brent erases Iraq rally with price below when Mosul taken
Brent crude fell the most in more than two months, reversing a rally that started when Islamist militants seized the northern Iraqi city of Mosul almost a month ago. West Texas Intermediate also declined. The Islamic State, a splinter group of al-Qaeda, has taken control of provinces in northwestern Iraq after seizing Mosul on June […]Moming Zhou writes for Bloomberg:
Brent crude fell the most in more than two months, reversing a rally that started when Islamist militants seized the northern Iraqi city of Mosul almost a month ago. West Texas Intermediate also declined.
The Islamic State, a splinter group of al-Qaeda, has taken control of provinces in northwestern Iraq after seizing Mosul on June 10. The insurgency hasn’t spread to Iraq’s south, the source of more than three-quarters of its oil output. Brent’s premium over WTI narrowed to a one-month low on expectations U.S. crude inventories decreased last week.
