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Brent crude oil made its way back above $114 on Wednesday as worries about the conflict in <a href="http://www.benzinga.com/topic/iraq">Iraq</a> grew. The commodity traded at $114.23 a 6:10 GMT as Iraq&#39;s largest refinery remained at the center of a battle between Sunni insurgents and Iraqi forces.

	The two sides have been fighting for control of Iraq&#39;s Baiji complex for a week, with both sides making and quickly losing progress. The complex is capable of producing 300,000 barrels per day and would put a dent in Iraq&#39;s exports if it were shut down. However, the nation&#39;s refineries to the South remain unaffected thus far.
 
Many analysts believe that the conflict in Iraq has already been priced in, and that Brent won&#39;t rise any higher unless the situation gets exponentially worse.

Related Link: <a href="http://www.benzinga.com/news/14/06/4655116/brent-retreats-as-supply-interruption-worries-fade">Brent Retreats As Supply Interruption Worries Fade</a>

	Tension in <a href="http://www.benzinga.com/topic/Ukraine">Ukraine</a> is also on the radar as pro-Russian separatists and Ukrainian forces are cautiously laying down their weapons for a week long ceasefire. During that time, Ukraine will be working to gain Moscow&#39;s support for a peace plan that will end the region&#39;s conflict for good.

	<a href="http://www.cnbc.com/id/101786583">CNBC</a> reported that OPEC Secretary General Abdullah al-Badri reassured markets on Tuesday that there is no oil shortage, and that the current price elevation is simply a reflection of jitters over the Iraq situation.

	Meanwhile, WTI prices are expected to see a lift as most are expecting that the <a href="http://www.benzinga.com/topic/energy-information-administration">Energy Information Administration&#39;s</a> US inventory data will show that US stocks fell last week. The report, due out later in the day on Wednesday, is forecast to show a 1.6 million barrel draw in US stocks. However, some see an even larger drop with some traders expecting declines as large as 4 million barrels.

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Brent Prices Steady At $114 As Tension In Iraq Eyed - United States Brent Oil Fund, LP ETV (ARCA:BNO)

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Brent Prices Steady At $114 As Tension In Iraq Eyed

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