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Oil futures turn lower as investors monitor Iraq developments

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Investing.com -

Investing.com - Crude oil futures turned lower on Monday, as investors continued to monitor developments in Iraq.

On the New York Mercantile Exchange, crude oil for delivery in August fell 0.39%, or 41 cents, to trade at $106.41 a barrel during U.S. morning hours.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for August delivery declined 0.37%, or 42 cents, to trade at $114.39 a barrel.

Oil prices fell to the lowest levels of the session after local media reported that Iraqi forces regained control of border crossings with Syria and Jordan.

Militants from the Islamic State of Iraq and the Levant seized control of a number of towns near the borders with Jordan and Syria over the weekend.

Futures have failed to break higher as the fighting in Iraq has yet to spread to the southern part of the country, which is home to more than 80% of Iraq's output.

Iraq produced approximately 3.5 million barrels a day of oil last month, making it OPEC's second-biggest oil producer behind Saudi Arabia.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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