News Column

Oil Futures Shoot up on Iraq Fears

June 13, 2014

Radio Free Europe Documents & Publications

Oil pump (file photo)
Oil pump (file photo)

June 13, 2014 -- Crude oil prices have risen to 10-month highs amid concerns that developments in Iraq may affect global oil supplies.

The benchmark U.S. oil contract for July delivery rose above $107 a barrel in electronic trading on the New York Mercantile Exchange early on June 13.

On June 12, the contract jumped $2.13.

The rise comes as Iraq's widening insurgency is fueling fears over supplies from the second-biggest producer in the OPEC oil cartel after Saudi Arabia.

Insurgents led by the Al-Qaeda splinter group Islamic State of Iraq and the Levant captured two key Iraqi cities this week, including Mosul, which is in an area that is a key gateway for the country's crude oil.

Based on reporting by AFP and AP

Copyright (c) 2011. RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty, 1201 Connecticut Ave., N.W. Washington DC 20036. www.rferl.org

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Original headline: Oil Futures Above $107 Per Barrel Amid Fears Over Iraq Fighting


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