Crude oil prices continued to trade higher on Monday as Brent crude traded near its highest level since September. Meanwhile, the ongoing conflict in Iraq continues to remain in the spotlight as Sunni militants moved close towards the nation’s capital, Baghdad over the weekend.
An upbeat Chinese manufacturing data boosted oil prices as analysts forecast higher demand from the world’s second biggest oil consumer. The Manufacturing Purchasing Managers’ Index (PMI) data for the US, the world largest economy; is expected to be released later in the day.
Futures for the US benchmark, West Texas Intermediate (WTI) climbed 0.35% to $107.22 a barrel on the New York Mercantile Exchange at the time of writing. While the European benchmark Brent crude gained 0.30% to $115.16 a barrel on the ICE Futures Europe exchange at the same time.
Crude – Iraq
Over the weekend, the turmoil in Iraq escalated as Sunni militants increased their attacks and moved closer towards the nation’s capital and Iraq’s western Anbar province. The crises in Iraq have raised worries over oil supplies may be disrupted from OPEC’s second-biggest crude producer.
Fighters in Iraq and the Levant gained control of Iraq’s border to Jordan and Syria, according to Hameed Ahmed Hashim, a member of the Anbar provincial council.
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Last week, US President Barack Obama said he’s sending 300 military advisers’ to Iraq and some air support could happen, however the US will not send ground troops as the US soldiers left the country in 2011.
China
A preliminary China Purchasing Managers index from HSBC and Markit Economics came in at 50.8 in June, exceeding analysts’ estimates of 49.7 and compared to the previous reading of 49.4 seen in May.
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