Crude oil edges toward $107 after Iraq refinery attacked

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Nymex WTI crude oil for July delivery CLN4 +0.29% picked up 34 cents, or 0.4%, to $106.73 a barrel, partly recovering from a 54-cent loss on Tuesday. WTI crude is also taking a cue from expectations for tighter domestic supplies in the U.S.

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The European benchmark, Brent oil for August delivery UK:LCOQ4 +0.08% , which is the most sensitive to developments in Iraq, rose 18 cents, or 0.2%, to $113.63 a barrel. Nymex crude last week topped $107 a barrel as the conflict in Iraq heated up, while Brent had briefly topped $114.

The refinery, located in the northern city of Baiji, is the biggest producer of refined fuel for Iraq’s domestic markets. The attack doesn’t affect production or exports from the country’s main oil fields and facilities in the south. The attack, however, underlined concerns over the situation in the country.

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