Oil prices are back on the rise this morning, after a quiet, mostly unchanged trading day yesterday. The decline in US crude oil inventories to a 22-month low, reported this week by the EIA, has underpinned prices. The strength of the US economy, especially as it relates to employment gains and manufacturing activity is also supportive. The geopolitical aspect is also constructive for prices, with the security situation in Iraq being a renewed focus. Iraq appears ready to blow apart.
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