Oil retreated, halting the longest run of gains in four years as Iraq sought to increase exports amid a global oversupply and Nigerian militants called an end to hostilities, Bloomberg reports.
Futures fell 3 percent in New York after climbing 16 percent the previous seven sessions. Iraq will boost crude shipments by about 5 percent in the next few days following an agreement to resume exports from three oil fields in Kirkuk. In Nigeria, the Niger Delta Avengers declared an end to attacks on oil infrastructure and will conduct talks with the government, according to a statement on a website that says it represents the group.
West Texas Intermediate for September delivery, which expires Monday, declined by $1.45 to $47.07 a barrel at 11:46 a.m. on the New York Mercantile Exchange. The more-active October contract fell by $1.44 to $47.67 a barrel. Brent for October settlement slipped $1.50, or 3 percent, to $49.38 a barrel on the London-based ICE Futures Europe exchange, trading at a premium of $1.71 to WTI for the same month.