News Column

Crude Oil Jumps To Yearly High Above USD106 On Iraq Fighting

June 12, 2014

WASHINGTON (Alliance News) - Crude oil prices surged above USD106 a barrel Wednesday morning amid escalating violence in Iraq, where militants are fighting toward Baghdad.

The government of Iraq has asked the US for air assistance in quelling the uprising by al-Qaeda affiliated militants, NBC News reports.

With oil supplies threatened, US crude for July jumped nearly USD2 to USD106.34, highest since last summer.

The US Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning.

US commercial crude inventories decreased by 2.6 million barrels last week, maintaining a total US commercial crude inventory to 386.9 million barrels, and are in the upper half of the five-year range for this time of the year.

On the economic front, the Labor Department is scheduled to release its jobless claims report for the week ended June 7th at 8:30 am ET. Economists expect claims to have declined to 309,000 from 312,000 in the previous week.

Around the same time, the Commerce Department is due to release its retail sales report for May. The consensus estimate calls for a 0.6% month-over-month increase in retail sales, while excluding autos retail sales may have risen by 0.4%.

Also at 8:30 am ET, the Labor Department will also release its report on export and import prices for May. Economists expect a 0.2% month-over-month increase each for import and export prices.

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Source: Alliance News

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