Global Oil Under $114 as Iraq Supply Worries Ease 

The price of global crude dipped under $114 Thursday as fears diminished somewhat over supply disruptions from Iraq while U.S. oil extended gains on looser U.S. export controls. Benchmark U.S. crude for August delivery rose 25 cents per barrel on the New York Mercantile Exchange. The contract rose 47 cents to settle at $106.50 on Wednesday. Brent crude, used to price international oils, eased 7 cents to $113.93 a barrel in London. U.S. crude is rising after the Obama Administration opened the door to more oil exports by permitting some light oils to be defined as petroleum products like gasoline or diesel, which aren’t subject to export restrictions. Analysts said the changes could add up to 1.1 million barrels of potential exports.

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