Oil Trades Near Three-Day High on IMF Pledge; Iraq Halts Exports

Oil traded near the highest level in three days after Iraq halted some crude exports and International Monetary Fund members pledged more than $430 billion to help protect the global economy.

Futures were little changed in New York after rising 0.2 percent last week. Iraq stopped shipments from its northern fields because of a fault at a pipeline network in neighboring Turkey, the Oil Ministry said. IMF members agreed to almost double commitments to the fund at its spring meetings in Washington yesterday. Manufacturing in China, the world’s second-biggest oil consumer, may contract for a sixth month, according to a survey released today.