LONDON, May 22: Oil prices fell on Thursday as the lifting of UN sanctions on Iraq paved the way for a resumption of the country’s crude exports, though analysts warned Iraqi oil was unlikely to gush back to world markets.

The price of benchmark Brent North Sea crude oil for July delivery dropped 57 cents per barrel to $25.64 in late deals here.

New York’s reference light sweet crude June contract was down 33 cents at $28.70 in early trading.—AFP