Crude-oil prices edged higher on Wednesday, with the U.S. benchmark pushing back toward $107 a barrel after militants in Iraq attacked the country’s biggest oil refinery, underlining worries about potential threats to export facilities in the south.
Nymex WTI crude oil for July delivery CLN4 -0.03% picked up 34 cents, or 0.4%, to $106.73 a barrel, partly recovering from a 54-cent loss on Tuesday. WTI crude is also taking a cue from expectations for tighter domestic supplies in the U.S.
The European benchmark, Brent oil for August delivery, which is the most sensitive to developments in Iraq, rose 18 cents, or 0.2%, to $113.63 a barrel. Nymex crude last week topped $107 a barrel as the conflict in Iraq heated up, while Brent had briefly topped $114.