“The latest oil product demand data out of the U.S. show a soft market.”
Oil prices fell to near $105 a barrel Monday as supply concerns eased on news that Iraq’s oil exports and refining operations in the south have been restored after attacks and power outages disrupted operations.
An official from Iraq’s South Oil Co. said Saturday that ‘everything returned to normal as of 10 p.m. Thursday’ after the bombing of a key oil export pipeline in Basra earlier in the day.
Word of Thursday’s attack had raised concerns that Iraqi exports would fall sharply and sent oil prices surging higher. Basra has faced fierce clashes since fighting broke out Tuesday between government security forces and Shiite militia fighters. Read more