Crude oil futures have made a soft start of the new week, declining for the third straight session amid speculation that violence in Iraq won’t disrupt supply from OPEC’s second-largest oil producer, as fighting hasn’t spread to the south, where the major crude output is concentrated. Meanwhile, there was reports that the Russian military is helping prepare Iraq’s air force to recapture areas of the country’s north held by Islamist militants.
Benchmark crude oil futures for August delivery declined by 34 cents to $105.40 a barrel in electronic trading on the New York Mercantile Exchange. In London, Brent for August delivery was 25 cents lower at $113.05 a barrel on the ICE.