News Column

Crude Oil Hovers Near USD107 As Kerry Arrives In Iraq

June 23, 2014

WASHINGTON (Alliance News) - Crude oil prices are higher Monday morning, amid lingering concerns over possible supply disruptions from the Middle East due to the ongoing unrest in Iraq.

According to reports, Sunni militants are marching toward Baghdad, seizing more cities in Northern Iraq on the way.

Meanwhile, US Secretary of State John Kerry is in Baghdad to broker a deal between the government and political opponents.

Investors are also awaiting data on US manufacturing activity and retail sales.

An encouraging report on Chinese manufacturing activity in June is also contributing to oil's rise. According to Markit, China's HSBC Flash Purchasing Managers Index was up 50.8 in June, a seven-month high.

Crude oil futures for August are up USD0.19 or 0.18% at USD107.02 a barrel.

On Friday, crude oil futures for July ended up USD0.83 or 0.8% at USD107.30 a barrel, adding slightly about 0.41% for the week.

Meanwhile, natural gas for August is down USD0.012 or 0.26% at USD4.540 per million btu.

On the economic front, Markit will release the results of its preliminary manufacturing survey for the US at 9:45 am ET. Economists expect the manufacturing purchasing managers' index to rise to 56.5 in June from 56.2 in May.

At 10 am ET, the National Association of Realtors will release its existing home sales data for May. The consensus estimate calls for existing home sales to come in at a seasonally adjusted annual rate of 4.75 million units compared to a 4.65 million unit-annual rate in April.

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Source: Alliance News

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