Iraq Handover, OPEC Output Lift Cause Crude Oil Tumble

London: crude oil futures slipped to a nine- week low as Iraq takes control of its oil.
On Thursday OPEC is likely to raise its limit on output by 2 million barrels a day to 25.5 million barrels.
Norway?s shipments has recovered after a strike last week and Iraq after the recent handover, resumed exports Saturday after attacks on pipelines earlier this month.
Analysts hope is that the handover in Iraq will reduce some of the war premium on prices and that it will lead to less violence and more stability in the Middle East.
Brent crude for August contract fell as much as 56 cents, or 1.7 percent, to $33.14 a barrel on London's IPE, or 15 percent from a 13 1/2-year high of $39.12 on June 1. It had shed 22 cents to $33.48 at 1:08 p.m. local time. On NYMEX August crude delivery fell 0.8 percent to $35.96 a barrel.
OPEC oil ministers said at their June 3 meeting in Beirut that oil prices were inflated by as much as $10 a barrel because of security concerns in the Middle East, which accounts for a third of world oil supplies.