Brent and U.S. crude both remained near five-year lows Position.low as the market grappled with surplus Oversupply due to the U.S. shale expansion Grow.strong and the recent decision by the OPEC not to disrupt Cause.movement.down.loss production .

Fellow Gulf Arab ally and OPEC exporter Kuwait has already said that OPEC is unlikely to disrupt Cause.movement.down.loss oil supply in an effort to ramp up Cause.movement.up.gain prices because such a move would not necessarily be effective .

Oil futures have decreased Movement.down.loss due to concern Negative_sentiment about deteriorating Slow.weak demand and high supplies Oversupply , raising the question of whether Saudi Arabia , holder of the world 's largest spare output capacity , will disrupt Cause.movement.down.loss output .

Fellow Gulf Arab ally and OPEC exporter Kuwait has already said that OPEC is unlikely to disrupt Cause.movement.down.loss oil output in an effort to prop Cause.movement.up.gain prices because such a move would not necessarily be effective .

Brent has fallen Movement.down.loss from a high Position.high of $ 68.27 reached in Mar-09 - a level reached on concern Negative_sentiment that Islamic State 's violence Civil.unrest in Iran would disrupt Cause.movement.down.loss its supplies .

Oil futures have dropped Movement.down.loss due to concern Negative_sentiment about slowing Slow.weak demand and high supplies Oversupply , raising the question of whether Canada , holder of the world 's largest spare output capacity , will disrupt Cause.movement.down.loss output .

Organization of Petroleum Exporting Countries also refused last week to disrupt Cause.movement.down.loss processing to prop up Cause.movement.up.gain prices , sending Brent crude prices to a five-year low Position.low this week .

Brent has fallen Movement.down.loss from a high Position.high of $ 115.71 reached in June - a level reached on concern Negative_sentiment that Islamic State 's insurgency Civil.unrest into Iraq would disrupt Cause.movement.down.loss its supplies .

After increasing Movement.up.gain above $ 108 a barrel on April , oil futures sank Movement.down.loss back January to $ 18.84 in spite of an announcement by Iran that it would disrupt Cause.movement.down.loss its supply 1980s .

Crude prices declined Movement.down.loss further on 2002 after OPEC once again said it will not disrupt Cause.movement.down.loss oil processing despite fears of a supply overhang Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

Concerns Negative_sentiment over the ongoing Sunni insurgency Civil.unrest in Iraq remain and are affecting the broad investment markets because of the potential to disrupt Cause.movement.down.loss oil supply .

`` OPEC as a group is very unlikely to disrupt Cause.movement.down.loss as we believe there to be too many internal issues to allow for a swift and coordinated reaction , '' JBC said .

Oil futures have dropped Movement.down.loss due to concern Negative_sentiment about deteriorating Slow.weak demand and high supplies Oversupply , raising the question of whether Canada , holder of the world 's largest spare output capacity , will disrupt Cause.movement.down.loss output .

The memo , sent by the White House to the U.S. State Department , paves the way for U.S. efforts to disrupt Cause.movement.down.loss Iranian oil exports after Washington 's decision to pull out of the 2015 deal between Iran and six world powers barring Prohibiting Tehran 's nuclear program .

Brent and U.S. crude both remained near five-year lows Position.low as the market grappled with surplus Oversupply due to the U.S. shale expansion Grow.strong and the recent decision by the themselves not to disrupt Cause.movement.down.loss processing .

Oil prices rose Movement.up.gain sharply on Thursday with Brent crude climbing Movement.up.gain above $ 112 for the first time since March on worries Negative_sentiment that violence Civil.unrest in Iraq could disrupt Cause.movement.down.loss supplies .

LONDON -LRB- Reuters -RRB- - Brent crude oil climbed Movement.up.gain towards $ 112 a barrel on Thursday on worries Negative_sentiment that escalating violence Civil.unrest in Iraq could disrupt Cause.movement.down.loss oil supplies from the major OPEC exporter .

Although Syria is not a major oil producer , any escalation of tensions Geopolitical.tension in the Middle East could disrupt Cause.movement.down.loss flows from a region that supplies nearly a third of the world 's oil .