Brent crude fell for a second day on signs violence in Iraq may not affect the nation’s oil supply. West Texas Intermediate dropped amid speculation that gains to a nine-month high last week were excessive.
A tanker containing a million barrels of crude oil is floating around the Mediterranean, and its cargo is available at half-price. Any country seizing the bargain is helping Iraq’s Kurds to win greater independence.
Enbridge Inc., facing resistance to the end point for its proposed Northern Gateway oil pipeline, could pursue another option thanks to its December purchase of a parcel of land close to the British Columbia port of Prince Rupert.
Hess Corp., the energy company that recently settled a proxy fight with Paul Singer, began the sale of its oil-terminal network and is seeking $1 billion for the asset, said people familiar with the matter.