DrumBeat: June 29, 2009

Iraq Oil a Big Draw for Chinese HONG KONG — As the world’s second-largest and fastest-growing consumer of oil, China is showing increasing interest in oil fields in a country that had seemed until very recently to be firmly in the American sphere of influence for natural resources: Iraq. Chinese oil companies are expected to bid in Iraq’s oil field auctions that are set to start Tuesday, although Sinopec, the China National Petroleum Corporation and the China National Offshore Oil Corpor