"There is fundamental weakness in the market right now because of the strong growth in supply, but event-driven price strength is not a thing of the past," said Jim Burkhard, global oil director at Cambridge Energy Research Associates in Cambridge, Massachusetts.
There are lingering concerns about possibly supply glitches in major-producer Iraq, where insurgents have repeatedly targeted oil infrastructure as they battle US and local forces and Russian production where producer Yukos is locked in a bitter and protracted battle with the Moscow authorities over billions of dollars in unpaid taxes.
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