News Column

Crude Oil Slides Near USD105 On Easing Supply Worries

June 30, 2014

WASHINGTON (Alliance News) - Crude oil futures fell Monday morning amid diminishing worries about supplies from the Middle East.

The leaders of an Al Qaeda splinter group that has seized northern and western Iraq lands have declared the establishment of an Islamic state.

However, analysts say the insurgency will likely be confined to these areas and not spread south where most of Iraq's oil is produced.

Meanwhile, Libya's largest oil-export terminal may re-open in August after the North African nation's new parliament takes office, Bloomberg reports.

US crude oil for August was down USD0.52 at USD105.21 per barrel, at the bottom end of June's trading range. Crude oil peaked at a yearly high of USD107.50 last week.

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Source: Alliance News

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