Oil prices slip back

Oil prices slip back

While the Iraq crisis rumbles on, and uncertainty continues about how far insurgents will get and the response from the international community, oil prices are retreating. Having hit nine-month highs a week ago, the price has fallen by $2 a barrel and is still falling. Analysts say that the worries of falling supplies are overestimated and current levels of output from Iraq are at near an 11 year high. The unrest is centered on the north of the country, while most exported oil is based in the south and is not being disrupted. Read the full story.