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Price of oil falls on some easing of Iraq worries


The price of oil fell Thursday as fears diminished somewhat over supply disruptions from Iraq.

Benchmark U.S. crude for August delivery slipped 66 cents per barrel to $105.85 on the New York Mercantile Exchange. Brent crude, used to price international oils, eased 79 cents to $113.21 a barrel in London.

While concerns linger about violence in Iraq affecting global crude supplies, oil production and exports from the giant fields clustered in the country’s south remain unaffected. July exports are expected to average about 2.57 million barrels per day, Platts forecasts.

In other energy futures trading on the Nymex:

– Wholesale gasoline fell 1 cent to $3.09 a gallon.

– Natural gas fell 15 cents to $4.40 per 1,000 cubic feet.

– Heating oil fell 2 cents to $3.01 a gallon.