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London - Oil prices diverged on Wednesday with brent falling on profit-taking but New York crude rising on bright data and a report that the United States has lifted a ban on exports.
Traders continued to track ongoing violence in crude producer Iraq, ahead of the latest weekly US oil inventories data.
Nearing midday in London, Brent crude for delivery in August fell 62c to $113.84 a barrel.
Provide support
US benchmark West Texas Intermediate for August rose 53c to $106.56 per barrel.
"Brent futures extended losses ... and retreated below $114 per barrel as investors were prompted into some profit taking following the strong rally in the past two weeks," said Sucden analyst Myrto Sokou.
"However, the recent robust US macro-economic indicators spread optimism and held the WTI contract fairly high.
"It seems that the escalating tensions and violence in Iraq continue to provide support to the oil market for the short-term," she added.
Investors are still monitoring the crisis in crude producer Iraq, despite fading fears that it could result in a major supply disruption.
Iraq violence had sent oil prices soaring late last week to their highest levels since September 2013.
Storage hubs
Jihadist insurgents have captured swathes of Iraqi territory in a lightning offensive that began on 9 June, but they have yet to directly threaten the key oil-producing region in the south.
Producers have long been clamouring for the US government to lift the ban on exports with crude stockpiles near record levels, but less-than-satisfactory transportation links could still hinder the outflow of supplies from storage hubs.
