Oil prices reach lowest level in two months

As control of Iraq was transferred from the United States to an interim government, oil prices sunk to their lowest level in more than two months June 29. The handover of power elevated expectations of less sabotage and more stable exports, and solidified indications of a more abundant world supply.

US light crude fell 44 cents to $35.80 a barrel after rebounding from an intra-day low of $35.65, the lowest price since April 21.

Trying to avoid further attacks, the United States gave sovereignty to an interim Iraqi government June 28, two days earlier than expected.

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