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.
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