Oil prices sank today after a couple of strong rallies as OPEC production is not expected to be affected by Iraqi unrest. Iraq’s state-owned oil marketer said today the country’s oil exports will not be impacted but the ongoing situation. Baghdad is currently experiencing its worst clashes in years between rival Muslim groups. Oil markets may also be starting to price in the words of the Federal Reserve the other day. Oil prices have been strong since the Fed Chairs comments but this has been weighing on other financial markets, as rising inflation and a prolonged economic slowdown would hurt demand. All eyes will again be on OPEC, as the possibility of production cuts is growing despite the ongoing shortages in physical markets. WTI traded down $5.37 or-5.5% to close at $91.64. Brent traded down $5.78 or -5.5% to close at $99.31.