You are here: Home » Reuters » News
Business Standard

Oil prices retreat again as Iraq schedules record exports

Reuters  |  LONDON 

By Himanshu OjhaLONDON (Reuters) - Oil prices resumed their move downwards on Thursday, as Iraq planned a further jump in exports for February, with both Brent and U.S. crude oil dropping around $1 towards near six-year lows, and almost wiping out gains made the previous day. "A war for output market share means oil prices are skewed to the downside. Funds are unwinding a large positive investment premium, but further selling is possible," ANZ said on Thursday.Brent crude oil was down $1.48 at $47.21 a barrel at 1007 GMT, at a discount to U.S. crude, which was trading at $47.60 a barrel, ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Thu, January 15 2015. 16:07 IST