19 August 2014
Crude prices fall to 13-month lows despite Iraq turmoil
The International Energy Agency said oil prices were "eerily calm"
Crude prices fell to their lowest levels in almost 14 months in mid-August, despite ongoing instability in Iraq. Brent fell to $101.60 per barrel (/b) on 18 August - its lowest level since June 2013 - as Iraqi and Kurdish troops regained control of Iraq's largest dam from Islamic State (IS) militants. The International Energy Agency (IEA) said oil prices had been "almost eerily calm in the face of mounting geopolitical risks spanning an unusually large swathe of the oil-producing world". After a spike in early June, crude prices fell throughout August as weak OECD refinery runs offset concerns about escalating conflicts in Iraq, Libya and Ukraine. WTI was also under pressure as US crude ou
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