Share “Oil keeps rising, nears $107 on Iraq fighting”

Oil keeps rising, nears $107 on Iraq fighting

Published on NewsOK Modified: June 13, 2014 at 6:42 am •  Published: June 13, 2014
Advertisement

The price of oil continued to climb Friday, nearing $107 a barrel as Iraq's widening insurgency fueled concerns that crude supplies from OPEC's No. 2 producer could be hurt.

After jumping over $2 on Thursday, the benchmark U.S. oil contract for July delivery was up another 44 cents to $106.97 a barrel in electronic trading on the New York Mercantile Exchange. It had earlier hit a high of $107.68.

Brent crude, a benchmark for international oils, was up 54 cents to $112.96 a barrel on the ICE Futures exchange in London.

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.

The violence in Iraq is mostly centered in the country's north, away from the major oil-producing regions of the south. The turmoil hasn't yet had a big effect on oil exports, though it raises concerns about whether Iraq can continue rebuilding its oil infrastructure and boost output to meet global demand.

Continue reading this story on the...