The price of oil fell Tuesday as fears over the prospect of disruption to Iraq’s crude supplies subsided a bit and traders awaited the latest report on U.S. supplies.
Benchmark U.S crude for July delivery dropped 54 cents to $106.36 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark used to price international oils, gained 51 cents to $113.45 a barrel on the ICE Futures exchange in London. Up to 275 U.S. soldiers are being positioned in and around Iraq to protect the U.S. Embassy and other American interests as President Barack Obama weighs options for dealing with the al-Qaeda inspired militants who have captured a vast swath of the country’s north.
Source: AP