Oil falls to USD 73.34 per barrel

Brent North Sea crude for February delivery rose 36 cents to USD 74.11.

8220;The markets are taking the news of the Iran-Iraq border dispute pretty well. A lot of the trading is going sideways,8221; said Clarence Chu,an oil trader at Hudson Capital Energy in Singapore.

8220;Initially there was some nervousness,but now they are not too concerned8230; We8217;re getting ready for the holidays and so people are not taking a lot of risks.8221;

On Friday,Iraq said about a dozen Iranian troops and technicians took control of an oil field inside its territory and raised the Iranian flag there.

Iraq8217;s government spokesman Ali al-Dabbagh said on Sunday the Iranian troops had left the facility after three days although they remain on Iraqi soil. They also took down their flag,he added.

The facility,known as Well 4,lies in disputed territory about 100 metres from the Iranian border,according to Iraqi officials. Iran says the oil well falls within its borders.