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. Last Updated: 07/27/2016

Oil Starts Strongly

LONDON -- IPE oil futures started strongly Monday after Iraq made it clear that it would not resume exports for at least another week.

January Brent was up 27 cents at $25.22 by midmorning. December gas oil was up $2 at $207.25 a metric ton.

Iraq on Saturday rejected the United Nations' one-week extension of the oil-for-food program, saying the United States engineered the decision.

An authorized source at the Iraqi Foreign Ministry said the new extension was impractical because Iraq simply could not conclude contracts to sell oil in the space of an extra week.