The U.S. Commerce Department opened the door to more U.S. oil exports as long as the crude is lightly processed, tempering the impact of a law that’s banned most overseas petroleum shipments for the past four decades.
The worsening conflict in Iraq poses a bigger risk to long-term oil prices than traders anticipate, according to banks from Citigroup Inc. and Bank of America Corp.
Oil traders are too complacent about the longer-term threat of escalating violence in Iraq, banks from Citigroup Inc. to Bank of America Corp. said.
"For crude generally, what you are seeing is a correction from the highs of the Iraqi crisis as expectations around a possible supply disruption reversed course."
- Harry Tchilinguirian on Jul 15, 2014
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