• Sign up for the Daily Digest E-mail

BOE Report

  • Home
  • Headlines
    • Canada
    • USA
    • Columns
    • Discussions
  • Plays
    • Cardium Sandstone
    • Duvernay Shale
    • Montney Shale
    • Shaunavon
    • Viking Sandstone
    • Williston Basin
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Database
  • Markets
    • Canada Market Quotes
    • USA Market Quotes
    • Canada Well Licences
    • Canada Rig Count
    • USA Rig Count
    • USA Market Data
  • Advocacy
  • Data
  • Jobs

Oil rises above $107 as Iraq turmoil intensifies

June 16, 20142:47 AM The Canadian Press0 Comments

The price of oil rose above US$107 Monday as violence worsened in Iraq with reports of a massacre by Islamic militants, raising fears of widening instability in the country, a key energy producer.

The northern town of Tal Afar became the latest to fall to the militants, who have already captured a vast swath of territory including Iraq’s second-largest city, Mosul. The militants, who on Sunday posted graphic photos of truckloads of Iraqi soldiers that they apparently captured and killed, vow to march on Baghdad.

After rising 4.1 per cent last week, benchmark U.S. crude for July delivery rose 36 cents to $107.27 — the highest in nine months — in electronic trading on the New York Mercantile Exchange.

Brent crude, a benchmark for international oils, gained 63 cents to $113.09 a barrel in London.

The capture of Mosul, a key gateway for Iraqi crude, raises worries about whether the country can rebuild its energy infrastructure and raise production to meet global demand.

A U.S. aircraft carrier has moved into the Persian Gulf as President Barack Obama considers military options, though he has ruled out sending in American troops.

“The U.S. has ruled out putting troops on the ground, raising fears of a protracted period of tensions that might spill over into the wider Middle East,” Mizuho Bank analysts said in a report. “With no signs of any decisive U.S. actions to enforce the security situation, oil prices continue to price in fears of supply disruptions.”

Follow the BOE Report
  • linkedin
  • facebook
  • twitter
Sign up for the BOE Report Daily Digest E-mail
Latest Headlines
  • Oil rises 3% this week on OPEC supply cuts and US-China trade hopes
  • With politics at play, CAODC remains hopeful but not optimistic Trans Mountain Expansion Project (TMX) will proceed.
  • Canada Weekly Rig Count Down 12 to 212
  • A look at 16 new recommendations for Ottawa on the Trans Mountain pipeline
  • U.S. oil drillers cut rigs for first week in three

Return to home page
OSY Rentals

About
  • About BOEReport.com
  • In the News
  • Terms of Use
  • Privacy Policy
Resources
  • App
  • Widgets
  • Desktop
  • Daily Digest E-mail
Get In Touch
  • Advertise
  • Post an Announcement
  • Post a Job
  • Contribute
  • Contact
Featured In
  • CamTrader
  • Rigger Talk
BOE Network
Copyright © 2019 Grobes Media Inc.