ZOID RESEARCH 18-JUNE-2014 : CRUDE OIL

WTI crude eased on Tuesday while Brent prices gained as fears of oil supply disruptions from Iraq offset the possibility of increased supply due to a thawing of relations between Iran and the West. Scores of Iraqis were killed on Tuesday during a battle for the provincial capital of Baquba as an uprising by Sunni insurgents continued to threaten the disintegration of Iraq. The fighting also shut the country's main oil refinery, starving parts of the country of fuel. However, Iraq's oil refineries in the south, which process most of the country's 3.3 million barrels per day of oil production, have been unaffected so far. On the MCX, crude prices declined by 0.1 percent on account of profit booking and closed at Rs.6414/bbl. 

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