ZOID RESEARCH 24-JUNE-2014 : CRUDE OIL

Oil prices have rallied nearly five percent amid crisis in Iraq this month, however prices declined on Monday, its largest decline in five weeks as oil exports from Iraq remain unaffected by Islamic insurgents' who have continued to advance on Baghdad.

Iraq ships 90 percent of its crude exports from southern terminals, which are far from the Sunni insurgency. The country's oil exports in June were near record rates at around 2.53 million barrels per day. The conflict in Iraq has added about a $3 per barrel risk premium into the Brent and U.S. crude oil market.

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