There's a renewed sensitivity in oil markets based on fears of an imminent return of Iraqi oil supplies, compounded by OPEC overproduction. Oil futures have plunged to their lowest level in about 18 months, with Nymex WTI falling below $18/bbl the first time since mid-January 1992. Nymex light sweet crude for August delivery closed at $17.95 July 2 amid reports of possible compromise between U.N. and Iraq over a one time sale of $1.6 billion of oil for humanitarian reasons.

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