Oil prices edged lower on Friday, easing off 2015 highs after Iraq said its crude oil exports hit a record in April, keeping Middle East production well above demand. The two global crude benchmarks rose between 20 and 25 percent in April, helped by a weaker dollar and bets that a supply glut would ease, following the June-to-January sell-off that halved prices from above $100 a barrel.
The reliance on refining operations mirrored results at large, integrated rivals Exxon Mobil Corp (XOM.N) and Royal Dutch Shell (RDSa.L), as such companies tend to lean on their refining divisions for profit during times of cheap oil. Oil prices (CLc1) (LCOc1) have slumped more than 40 percent since June amid a glut of global supply. “The good thing about the quarter is that it’s over,” said Fadel Gheit, an oil
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