News Column

Crude Oil Wavers on Ukraine, Iraq Fears

August 11, 2014

Forexpros - Crude oil futures swung between small gains and losses on Monday, as traders awaited new developments from Ukraine and the Middle East.

On the ICE Futures Exchange in London, Brent oil for October delivery dipped 0.09%, or 10 cents, to trade at $105.53 a barrel during European morning hours.

Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in September inched up 0.09%, or 9 cents, to trade at $97.74 a barrel.

Fighting between Ukraine security forces and pro-Russia rebels continued in eastern Ukraine over the weekend, as Ukraine dismissed the insurgents' offer of a ceasefire.

Meanwhile, in Iraq, the U.S. conducted a third day of air strikes on Sunday against jihadi militants from the Islamic State insurgent group in northern Iraq.

Market analysts said U.S. airstrikes might lower the risk of oil supply disruptions from the country.

Iraq produced approximately 3.5 million barrels a day of oil last month, making it OPEC's second-biggest oil producer behind Saudi Arabia.

Elsewhere, Israel and Hamas agreed to a fresh 72-hour ceasefire in Gaza on Sunday, following a month of violence in the Hamas-ruled territory.


Original headline: Crude oil futures waver with Ukraine, Iraq in focus

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