Arab Today, arab today oil prices dip losses capped by iraq fears
Last Updated : GMT 18:04:51
Arab Today, arab today
Arab Today, arab today

Oil prices dip, losses capped by Iraq fears

Arab Today, arab today

Arab Today, arab today Oil prices dip, losses capped by Iraq fears

An employee of the Kuwait Oil Company
London - AFP

Global oil prices eased Tuesday, but losses were limited as investors continued to fret over potential supply disruption due to the worsening sectarian violence in key crude producer Iraq.
Brent crude for August delivery fell 26 cents to $112.68 per barrel just after midday.
US benchmark West Texas Intermediate for July delivery reversed 61 cents to $106.29 a barrel.
“Brent crude has begun to fall back towards levels seen before the insurgency incursion began in Iraq," said analyst Dorian Lucas at energy consultancy Inenco.
"Gains previously seen have been driven by sentiment and fear of possible disruptions, which so far have not been realised."
Brent had surged on Friday to $114.69 -- last seen in September 2013 -- on the back of spreading violence in Iraq.
At least 44 prisoners were killed in an overnight militant assault on a police station in the Iraqi city of Baquba, security and medical officials said on Tuesday.
Accounts differed as to who was responsible for the killings, with Iraq's Prime Minister Nuri al-Maliki's security spokesman saying the prisoners were killed by insurgents carrying out the attack, and other officials saying they were killed by security forces as they tried to escape.
The crisis has a direct bearing on the oil market because Iraq is the second-biggest crude exporter in the 12-nation Organization of Petroleum Exporting Countries (OPEC) after cartel kingpin Saudi Arabia.
Risks of disruption to Iraq's oil output will remain limited despite the worsening crisis, BP chief executive Bob Dudley said Tuesday, while expressing alarm at the unrest.
"At the moment oil production isn't affected," Dudley said on the sidelines of an energy conference in Moscow.
"I don't believe that this kind of difficulty and instability will spread all the way to the far south of Iraq" -- home to the majority of the country's oil operations.
"But we should all be very alarmed by what is happening," Dudley told reporters at the World Petroleum Congress.
Iraqi security forces were carrying out a counter-offensive against militants who have captured a swathe of territory in an advance to Baghdad, as Washington weighed drone strikes against the jihadist fighters.
The lightning attack of Sunni extremists from the Islamic State of Iraq and the Levant has taken territory in Iraq's north, where a relatively small crude output had already been off the market since March due to violence.
There are now fears that the insurgency could spread to the south where most of Iraq's oil infrastructure is located.
"The predominant oil supply in Iraq is based around the southernmost peninsular of the country and remains far removed from the violence," added analyst Lucas.
"Significant (price) gains are expected with a realised disruption to oil exports, as Iraq is currently OPEC’s second largest exporter.”
Oil market investors will also be keeping an eye on a two-day meeting of the Federal Reserve's key policy-making committee starting later Tuesday.
The US central bank is widely expected to further scale down its massive monetary stimulus programme.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil prices dip losses capped by iraq fears Arab Today, arab today oil prices dip losses capped by iraq fears

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil prices dip losses capped by iraq fears Arab Today, arab today oil prices dip losses capped by iraq fears

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday