Global
oil prices have fallen to their lowest level in nine months, despite fears that
conflicts in Ukraine and Iraq would inflate prices.
Brent
crude oil has fallen to $103.70 (£62) a barrel, its lowest rate since November
2013.
In
July, oil hit its highest level in nine months, valued at $115.71 per barrel.
Violence in Iraq was cited as the reason for the rise.
The
current dip in price has led to an increase in demand from wealthy states.
Iraq
has scheduled to export about 2.4 million barrels per day of Basra Light crude
in September, up from 2.2 million in the previous month.
In a
report on Tuesday,
