Baghdad Oil prices fell today, Friday, as it did not appear to have suffered significant damage to the oil infrastructure as a result of the earthquake in Turkey and Syria, while US inventories increased and investors were concerned about the increase in US interest.
Brent crude settled at $84.50 a barrel, down 59 cents, or 0.7 percent, and US West Texas Intermediate crude futures settled at $78.06 a barrel, down 41 cents, or 0.5 percent. The two benchmarks rose more than 5 percent this week.
The earthquake, which killed more than 19,000 people, initially pushed oil prices higher on the prospect of major damage to pipelines and other infrastructure and cutting off supplies of crude to the global market for a specified period.
Source: National Iraqi News Agency