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Oil prices rallied last week as the threat of Iraq's return as an exporter faded.
That occurred despite the postponement for a few weeks of a meeting by Organization of Petroleum Exporting Countries members to decide market steadying tactics.
Brent crude oil for September delivery closed at $17.24/bb1 July 27, having bottomed at $15.90/bb1 July 19 (OGJ, July 26, Newsletter). On the New York Mercantile Exchange, light, sweet crude futures for September delivery closed July 27 at $18.42/bb1 vs. $17.09/bb1 for August delivery a week earlier. The earlier levels marked 3 year lows in those oil prices.
Traders credited the recovery to suggestions that Iraq's talks with the United Nations in New York over renewed exports could be put off until September, reported London's Financial Times.
Meantime, bickering and finger pointing persist among key OPEC producers blaming each other for sagging oil prices. Tensions are notably higher …