Impact of Iraq crisis on crude oil

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Although security forces insist they are now back in full control of the Baiji refinery (one of the biggest refineries in Iraq) after clashes with militants who held parts of the plant, the ongoing violence continues to impact oil prices. Oil edged back above $114 a barrel on Tuesday, halting its decline from a nine-month high of $115.71, amid the Iraq crisis, supply disruptions in Libya and expectations of a decline in US crude oil inventories