July, 2022 [Bloomberg] – Oil tumbled after Iraq’s state marketing company said exports haven’t been affected by violent clashes in Baghdad while low liquidity exacerbated price moves.
West Texas Intermediate fell 5.5% to settle below $92 a barrel as risk-off sentiment weighed down most commodities. Clashes in Baghdad have yet to hit Iraq’s oil production, soothing initial trader concerns that a major source of supply could be disrupted. Crude’s tight market has outweighed worries in recent days that a global recession could slow demand. Meanwhile, liquidity keeps dropping to fresh six-year lows and below-average volumes have led to choppy summer trading, with prices moving in a $7 range on Tuesday.
Pro Trial: Access 10,390 Tank Terminal and Production Facilities
10,390 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data
