Iraq, one of the world’s biggest oil producers, will increase its exports of the stuff by about 5% this week, Bloomberg reported over the weekend. State-run Northern Oil Co. worked out its differences with the Kurdistan Regional Government, the semi-autonomous authority that had closed the pipeline Northern Oil was using to get crude from three fields to market.
As one would expect, global prices slumped on the news. A three-week rally that saw West Texas Intermediate surge to more than $48 from about $40 at the start of the month ended unceremoniously on Aug. 22. Noteworthy, however, was the reaction of the Canadian dollar: its value barely changed. That’s not what is supposed to happen.
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