Iraq Got The Power, Oil Prices Tumbled

Finally, oil prices fell to a two-month low in New York as the US-led coalition?s occupation of Iraq was over.
The price of benchmark Brent North Sea crude oil for the August delivery dropped by 62 cents to $34.35 in London, a level not seen since late April.
New York?s light sweet crude for August fell 60 cents to $36.95 in pre-opening electronic trading.
Prices fell after the power handover in Baghdad from US coalition to Prime Minister Iyad Allawi two days ahead the schedule.