Oil prices fall on Iraq-UN talks

World oil markets fell sharply on July 14 on news that Iraq had moved a step nearer to resuming oil sales.

Brent crude oil, the world benchmark, ended down 27 cents at 17.82 US dollars per barrel after peaking at 18.45 earlier in the day.

The United Nations said on July 14 it had finalised talks with Iraq on its food distribution plan.

Iraq's oil minister said two weeks ago that he expected oil production to begin at a rate of around 740,000 barrels per day. Due to lower oil prices and a delay in the resumption of oil sales, export flows may average up to one million in the 180 days from June 8 compared to an average of just 670,000 barrels per day in the first field.