Oil Falls After Iraqi Oil Flows Set to Resume

0929 GMT – Oil prices tumble after reports that oil exports from Kurdish Iraq will resume this week. Brent crude oil slips 1.9% to $83.13 a barrel while WTI drops 2% to $79.27 a barrel. Iraq’s prime minister said the flows, which total around 450,000 barrels a day, would resume in the coming days, according to local media. The news pushed down crude prices, according to DNB Markets. The supplies had been halted amid a dispute between the Iraqi government in Baghdad and the semi-autonomous oil-rich Kurdish region. The two sides had already reached a temporary agreement earlier this month but oil flows had yet to resume. (william.horner@wsj.com)

Oil Weakens Amid Demand Worries

0744 GMT – Oil prices edge lower as demand concerns outweigh signs of falling inventories and strong Chinese data. Brent crude oil declined 0.5% to $84.32 a barrel while WTI edges down 0.6% to $80.44 a barrel. Oil prices shrugged at Chinese GDP data Tuesday that was stronger than expected, while prices seem to be similarly unimpressed by American Petroleum Institute data that showed U.S. crude inventories fell last week. “There are clearly still some concerns over the demand outlook,” says Warren Patterson, head of commodities strategy at ING, in a note. “Weaker refinery margins will be adding to these concerns,” he says. (william.horner@wsj.com)