Reuters reported today that prices for Brent crude oil fell as fears surrounding the impact of violence in Iraq on oil exports subsided. However, U.S. oil prices were up following a decision by the U.S. government to allow exports of lightly refined oil. Analysts said that the allowance of more oil exports from the U.S. could put pressure on the domestic market, according to Reuters.
As quoted in the publication:
Brent lost 46 cents to settle at $114.00 a barrel, as worries about sectarian violence reducing Iraqi exports seemed to fade. Brent hit a nine-month high of $115.71 last week on the fighting in Iraq. U.S. crude gained 47 cents to settle at $106.50 a barrel. It had hit $107.50 in early trade as the market reacted to the news on U.S. condensate exports. The spread CL-LCO1=R between the two benchmarks narrowed to close at $7.50, after it had widened to $9.01 last week.