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Iraq Turmoil Hits Oil Prices as Uncertainty Mounts

Oil prices are slightly lower on Wednesday following activity in Iraq that included Islamist militants taking control of a northern Sunni city. Chicago Energies Inc. options trader Peter Amandio tells TheStreet's Joe Deaux that this development has taken control of the global crude trade. The EIA reported that crude oil inventories fell by 2.6 million barrels, which was more than the 1.7 million barrel draw that analysts expected. Gasoline inventories gained more than anticipated, which Amandio says has everything to do with the arbitrage trade between Brent crude and WTI crude.