“There’s a little bit of profit-taking,” said Olivier Jakob, chief strategist at consultancy Petromatrix. “The market has really been treading a small range all of this week without any true momentum.” …Jakob said the deal with Rosneft “makes it a bit harder for Baghdad to do anything against those flows”.

Link to article: http://www.reuters.com/article/us-global-oil/oil-prices-set-for-weekly-loss-on-profit-taking-idUSKBN1CP01G?il=0