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.
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.