Oil Price Seen Rising Faster Than Market Shows on Iraq
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The worsening conflict in Iraq poses a bigger risk to long-term oil prices than traders anticipate, according to banks from Citigroup Inc. and Bank of America Corp.
Brent crude contracts for December 2018 cost $15.26 a barrel less than August, a spread that’s widened by 9.9 percent since the end of May. Violence in Iraq is the biggest risk to new supply this decade from any nation in the Organization of Petroleum Exporting Countries, the International Energy Agency said June 13.