oil prices hit new 9 month peaks on iraq violence
Last Updated : GMT 00:50:04
Arab Today, arab today
Arab Today, arab today

Oil prices hit new 9 month peaks on Iraq violence

Arab Today, arab today

Arab Today, arab today Oil prices hit new 9 month peaks on Iraq violence

Naher al-Umran gas refinery
New York - AFP

Global oil prices surged to fresh nine-month highs on Friday as traders eyed escalating violence in Iraq, OPEC's second-biggest crude exporter.
US benchmark West Texas Intermediate (WTI) for July rose 38 cents to close at $106.91 a barrel, its highest level since September 18, 2013.
Brent crude for July delivery climbed 39 cents to $113.41 a barrel in London trade, its highest close since September 9.
Prices had rallied sharply on Thursday, more than $2 for WTI and $3 for Brent, Sunni militants pushed toward Baghdad and forces from Iraq's autonomous Kurdish region took control of the northern oil hub of Kirkuk.
"People are calmer today because they realize that the threat to oil supplies is not very strong," said Michael Lynch of Strategic Energy and Economic Research.
The militant offensive, spearheaded by the jihadist Islamic State of Iraq and the Levant, has taken a huge swathe of predominantly Sunni Arab territory in northern and north-central Iraq since its launch in Mosul late Monday.
On Friday, they battled pro-government forces near Muqdadiyah, just 80 kilometres (50 miles) from Baghdad's city limits.
US President Barack Obama said he was examining options short of sending troops to help Iraq counter the Sunni militant onslaught.
"It's looking like a war here, and to the extent there is any credible threat to Bagdad, to the central government, and of course the southern Iraq oil, this is a major concern for the oil market," said John Kilduff of Again Capital. Kilduff said the market had not yet entiredly priced in the situation.
Iraq is the second-biggest oil exporter in the 12-nation Organization of Petroleum Exporting Countries (OPEC) after kingpin Saudi Arabia.
The International Energy Agency said that oil supplies from Iraq may not be at immediate risk.
"Concerning as the latest events in Iraq may be, they might not for now, if the conflict does not spread further, put additional Iraqi oil supplies immediately at risk," the IEA said in its monthly market report Friday.
It pointed out that Iraq's relatively small output from the north of the country has been off the market since March due to violence while output from the south has been on the rise and production has hit a 30-year high.
But the IEA pointed to the long-term importance of Iraq for the global energy market.
"Roughly 60 percent of the growth in OPEC crude production capacity for the rest of this decade will come from Iraq," it said.

 

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*

oil prices hit new 9 month peaks on iraq violence oil prices hit new 9 month peaks on iraq violence

 



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*

oil prices hit new 9 month peaks on iraq violence oil prices hit new 9 month peaks on iraq violence

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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