| In a little over two months, the price of crude oil (Brent) has slipped from $115 a barrel to near $100 a barrel, a 14-month low. This is thanks, in large part, to the perceived change in geopolitical conditions which had pushed up prices in the first place. In mid-June, the rapid advance of the Islamic State of Iraq and Syria (ISIS) had raised the spectre of supply shocks from Iraq, the second largest oil producer among the OPEC nations. This resulted in the price of Brent shooting up from $108 a barrel to $115 a barrel in quick time.
But then, with the realisation that the major oil producing fields and ports in the southern part of Iraq were not at imminent risk of being overrun by the ISIS, prices started moderating...............................................Full Article: Source
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