Oil Falls Below $45 in New York as Iraq Exports Approach Record
- Nation's shipments rise to 3.36 million barrels a day in April
- OPEC boosted crude output by 484,000 barrels a day last month
Investors Wish Oil Price Was Stronger, Says Komileva
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Oil declined for a second day as Iraq’s exports approached a record high in April, adding barrels to a worldwide supply glut that has pushed prices lower.
Futures settled below $45 a barrel in New York after rallying to a five-month high last week. Iraq, excluding sales by the Kurdistan Regional Government, shipped 3.36 million barrels a day last month, an oil ministry spokesman said by text message Sunday. Exports neared the November record-high of 3.365 million barrels a day. Protests that included the storming of parliament in Baghdad broke up Sunday without affecting crude production, even as the political turmoil threatens to paralyze the government of OPEC’s second-largest producer.