Oil up on Iraq disruption, Nigeria threat

Oil prices made fresh gains on Tuesday after news of further disruption to Iraq’s oil exports and the threat that a strike in Nigeria could disrupt its flows to a tight international market. US light crude for July was up 24 cents at $38.9 a barrel, while in London, July Brent was up 29 cents to $36.25. US prices have dropped around 10 per cent from 21-year highs above $42 a barrel as an increase in US crude and gasoline stocks reported last week bolstered confidence in supplies for peak summer driving demand. —(Reuters)