Prices

Oil

Oil slips below $106 on supply data

The price of U.S. oil fell below $106 per barrel Wednesday for the first time in a week on higher than expected supplies, though global crude rose to a 9-month high as violence in Iraq continued.

Benchmark U.S. crude for July delivery fell 39 cents to close at $105.97 in New York.

Brent crude, a benchmark used to price international oil used by many U.S. refiners, rose 81 cents to close at $114.26 a barrel in London, its highest level since September.

Oil

Oil nears $107 as market awaits Fed, supply data

The price of oil neared $107 as traders looked ahead to the outcome of the Fed's meeting later Wednesday and as violence persisted in energy producer Iraq.

Benchmark U.S crude for July delivery gained 58 cents to $106.94 a barrel on the New York Mercantile Exchange by midafternoon in Asia. Brent crude, a benchmark used to price international oils, added 22 cents to $113.67 a barrel on the ICE Futures exchange in London.

Markets are waiting for the conclusion to the Federal Reserve's two-day policy meeting, when it will release its latest forecasts for the world's biggest economy that will also provide guidance on future energy demand.

Oil

Oil prices slip as market eyes Iraq, US supplies

The price of oil fell Tuesday as fears over the prospect of disruption to Iraq's crude supplies subsided a bit and traders awaited the latest report on U.S. supplies.

Benchmark U.S crude for July delivery dropped 54 cents to $106.36 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark used to price international oils, gained 51 cents to $113.45 a barrel on the ICE Futures exchange in London.

Oil

Iraqi conflict likely to have long-term impact on oil supplies, prices: WSJ

Source: 
The Wall Street Journal

Renewed fighting in Iraq has had a limited impact on the country’s oil production and global crude prices thus far, but an analysis by The Wall Street Journal concludes that the situation will definitely affect the global market in the longer term.

Oil

Iraqi conflict has potential to send oil prices soaring: SAFE

Source: 
FuelFix

Crude oil prices could rise $40 a barrel if the conflict in Iraq cuts a third of that country’s oil output, according to a report released Tuesday by Securing America’s Future Energy, FuelFix reports.

Oil

Oil prices slip as US deploys small force to Iraq

The price of oil dropped Tuesday after the U.S. said it was deploying a small group of troops to Iraq, which helped soothe fears somewhat over the prospect of a broader conflict that could disrupt crude supplies.

Benchmark U.S crude for July delivery dropped 29 cents to $106.61 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost 1 cent to settle at $106.90 on Monday.

Brent crude, a benchmark used to price international oils, fell 33 cents to $112.61 a barrel on the ICE Futures exchange in London.

Oil

US benchmark crude dips on profit-taking

Source: 
Reuters

After a strong rally last week fuelled by fears over fighting in Iraq, prices for benchmark U.S. crude took a breather Monday, finishing down 1 cent to $106.90 a barrel. But the crisis in Iraq is continuing to push Brent up, with the contract for August delivery gaining 48 cents to $112.94 a barrel, Reuters reports.

Oil

Oil rises above $107 as Iraq turmoil intensifies

The price of oil rose above $107 Monday as violence worsened in Iraq with reports of a massacre by Islamic militants, raising fears of widening instability in the country, a key energy producer.

The northern town of Tal Afar became the latest to fall to the militants, who have already captured a vast swath of territory including Iraq's second-largest city, Mosul. The militants, who on Sunday posted graphic photos of truckloads of Iraqi soldiers that they apparently captured and killed, vow to march on Baghdad.

After rising 4.1 percent last week, benchmark U.S. crude for July delivery rose 36 cents to $107.27 — the highest in nine months — in electronic trading on the New York Mercantile Exchange. Brent crude, a benchmark for international oils, gained 63 cents to $113.09 a barrel in London.

Oil

US benchmark crude ends week near $107 on Iraq fighting

The price of oil rose near $107 a barrel Friday, as Iraq's widening insurgency fueled concerns that crude supplies from OPEC's No. 2 producer could be slowed.

After jumping over $2 on Thursday, the benchmark U.S. oil contract for July delivery rose 38 cents to close at $106.91 in New York. For the week, the U.S. benchmark rose 4.1 percent.

Brent crude, a benchmark for international oils used by many U.S. refineries, gained 39 cents to close at $113.41 a barrel in London. Brent rose 4.4 percent this week.

Oil

Oil futures above $107 on Iraq fighting

Oil rose above $107 a barrel Friday as Iraq's widening insurgency raised the risk that plans to expand oil output from the No. 2 OPEC producer could be derailed.

Oil prices have risen to 10-month highs after an al-Qaida-inspired group vowed to march on Baghdad after capturing two key Iraqi cities this week, including Mosul, which is in an area that is a key gateway for the country's crude.

After rising as high as $107.68, the benchmark U.S. oil contract for July delivery was up 46 cents to $106.99 a barrel in electronic trading on the New York Mercantile Exchange by 0555 GMT. On Thursday, the contract jumped $2.13, or 2 percent, to $106.53. Brent crude, a benchmark for international oils, was up 70 cents to $113.12 a barrel on the ICE Futures exchange in London.

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