This time around, analysts feel that there is only a limited risk that Iraqi oil supplies to the global market will be disrupted. "Evidently, the majority of market participants still do not expect any supply outages in Iraq," said Commerzbank, especially given the ample supplies of oil globally.
Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.
September Brent crude on London's ICE Futures exchange was down 0. 8 per cent at $US103. 88 a barrel, a level not seen since last November.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in September were down 0. 7 per cent at $US97. 35 a barrel.
Iraq's president has appointed a new candidate as prime minister, but the incumbent, Nouri al-Maliki, refused to step aside, setting up a standoff as the government struggles to combat a rapidly advancing Sunni insurgency.
Read more here: Business Spectator