CRUDE OIL: - CONSOLIDATE STRATEGY BUY ON DIPS R2-6520 R1-6440 S1-6320 S2-6250
Crude oil dropped on less-than-stellar U.S. data as well as waning concerns that the insurgency in Iraq will threaten oil exports.
The IEA said in a report that emergency oil stocks held by member and non-member states have acted as an "insurance" against oil supply disruptions.
There were hopes that oil exports could increase from Kurdistan, which would counter any potential slowdown of shipments from the south.
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