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6/17, 12:10 PM (Source: TeleTrader)
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Oil trades lower as Iraqi minister calls market 'fragile'

Oil traded lower on Monday as Iraq's Oil Minister Thamir Ghadhban called the global oil market "fragile" and said that his country is "confident" the United States will grant Iraq a 90-day waiver on the Iran oil sanctions.

Meanwhile, Saudi Energy Minister Khalid al-Falih said oil shipment routes must remain open globally as he sees oil demand rising significantly this year. Al-Falih added that Saudi Arabia will continue output cuts to balance the market.

West Texas Intermediate for July delivery lost 0.57% at 5:57 am ET to go for $52.21 per barrel. Futures of international benchmark Brent for August were down 0.34% at 5:58 am ET, trading at $61.81 per barrel.

Breaking the News / VP