Oil prices eased further today as Iraq ramped up exports after mending sabotaged pipelines and extra supplies from the OPEC cartel reassured international markets.
US light crude slid $0.64 to $36.91 a barrel, as the improvement in Iraq's exports coincided with today's earlier-than expected handover of sovereignty to the Iraqis.
Oil prices also have come down from 21-year highs at more than $42 a barrel earlier in June as evidence has emerged that more oil is hitting the market from OPEC producers. London's Brent crude was $0.63 down at $34.34 a barrel.
Prices fell as the head of Iraq's State Oil Marketing Organisation said today that exports from its two southern ports were close to two million barrels a day (bpd).
Iraq's oil facilities have been under persistent attack in the run up to the formal transfer of power from the US-led occupation to an interim government.
Sovereignty was formally handed to the government at a low-key ceremony in Baghdad this morning, two days earlier than expected.
The resumption of normal output at Norwegian oilfields following last week's strike also weighed on prices.