| A possible resumption of oil exports from Libya, as yet unhindered production in Iraq, and hopes of a nuclear deal with Iran, have caught the oil market on the hop. It was only a month ago that Brent, the international crude oil marker, rose to more than $115 a barrel amid fears of a disruption to oil supplies as insurgents swept across northern Iraq. But these anxieties soon dissipated and oil has been in freefall.
This week Brent suffered its biggest one day percentage drop since January, triggering a scramble to unwind positions that took the price to a low of $104 a barrel. Traders are now asking whether the rapid sell-off is over or has further to run...............................................Full Article: Source
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