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Brent is trading at $114.20, down 0.5% on the day as the arrival of John Kerry in Iraq has left traders feeling more optimistic about the situation in the troubled country. Mr Kerry, along with 300 US advisers, is meeting members of the Iraqi government to discuss measures against the insurgents.
Even though most of the violence is in the north of the country and the majority of oil production is in the south, traders tend to fear for the worst when there is a possibility of disruption to the oil production and supply lines.
The arrival of Mr Kerry has brought some stability to the price of Brent for now, and we could see it heading towards $115.70 if the insurgents keep making their way south. The oil is receiving support from the 200-hour moving average of $112.81.