By Nicole Friedman and Cassie Werber
Crude-oil prices dipped Tuesday as global oil supplies continued to be unaffected by violence in some parts of the world.
Light, sweet crude for September delivery recently fell 15 cents, or 0.2%, at $98.14 a barrel on the New York Mercantile Exchange. Brent crude on ICE Futures Europe fell 27 cents, or 0.3%, to $105.14 a barrel.
Continued fighting in Iraq has not reached the south of the country, where the nation's oil production and exports are based. Exports from the south of the country amounted to 2.44 million barrels a day in July, according to the oil ministry, slightly more than in June.
Brent, the global benchmark, is down 8.6% from June 16, when prices hit nine-month highs on concerns about the situation in Iraq.
"Geopolitical events are continuing to evolve and remain a concern [for] oil market participants but not enough of a concern" to keep prices higher, said Dominick Chirichella, analyst at the Energy Management Institute.
However, Commerzbank says that according to shipment details, Iraqi oil exports amounted to an average of 2.52 million barrels a day up to July 23, "which points to a sharp dip in the final week of the month."
Meanwhile, Libya's output is down by 50,000 barrels a day compared with a week ago, after fighting damaged oil tanks and other infrastructure.
"With hostilities there continuing, Libyan oil supplies can be expected to shrink even further, even though the oil fields are safe according to the state oil company," Commerzbank wrote.
Front-month September reformulated gasoline blendstock, or RBOB, recently fell 0.80 cent, or 0.3%, at $2.7169 a gallon.
September diesel fell 1.0 cent, or 0.4%, to $2.8612 a gallon.
Write to Nicole Friedman at email@example.com and Cassie Werber at firstname.lastname@example.org
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 05, 2014 09:20 ET (13:20 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.