{"id":52685,"date":"2014-06-12T08:20:16","date_gmt":"2014-06-12T12:20:16","guid":{"rendered":"http:\/\/countingpips.com\/?p=52685"},"modified":"2014-06-12T08:20:16","modified_gmt":"2014-06-12T12:20:16","slug":"crude-prices-climbs-on-iraq-supply-concerns","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/06\/crude-prices-climbs-on-iraq-supply-concerns\/","title":{"rendered":"Crude Prices Climbs on Iraq Supply Concerns"},"content":{"rendered":"
June 12, 2014<\/div>
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By HY Markets Forex Blog<\/a><\/u><\/strong> <\/p>\n

Crude prices were lifted on Thursday after Islamist fighters took over the northern territory of Iraq, which could endanger oil fields and weigh on supply. The fall in US crude inventories and the Organization of Petroleum Exporting Countries (OPEC) confirmation of production quotas also boosted oil prices.<\/span><\/p>\n

Futures for the North American West Texas Intermediate (WTI) for July delivery rose 1.58% higher to $106.06 a barrel on the New York Mercantile Exchange at the time of writing.<\/p>\n

While the European benchmark Brent crude for July settlement climbed 1.76% to $111.89 a barrel on the ICE Futures Europe exchange based in London. The market is expecting the WTI-Brent contract to spread even wider if tensions in Iraq continue.<\/p>\n

Iraq<\/span><\/h2>\n

In Iraq, Islamist militants gained control of the northern territory of the nation\u2019s capital, Baghdad and continue to move towards the oil fields. The turmoil in Mosul also disrupted the repair work on the main pipeline to Turkey.<\/p>\n

OPEC<\/span><\/h2>\n

On Wednesday, the Organization of Petroleum Exporting Countries met in Vienna and agreed to keep its daily production quotas unchanged at 30 million barrels a day as expected by analysts\u2019.<\/p>

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During the meeting, OPEC ministers said they were at ease with the supply and demand in global oil markets. There was room for Saudi Arabia to increase output to meet higher demand and exports from Iran, which is curbed by sanctions.<\/p>\n

Meanwhile in Libya, the ongoing violence has dragged the country\u2019s output lower.<\/p>\n

US Crude Stockpiles<\/span><\/h2>\n

Crude oil stockpiles in the US fell lower than expected by 2.6 million barrels in the last week, a report from the Energy Information Administration (EIA) showed on Wednesday. Inventories at Cushing, Oklahoma dropped by 198,000 barrels to 21.2 million.<\/p>\n

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The post Crude Prices Climbs on Iraq Supply Concerns<\/a> appeared first on | HY Markets Official blog<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By HY Markets Forex Blog Crude prices were lifted on Thursday after Islamist fighters took over the northern territory of Iraq, which could endanger oil fields and weigh on supply. The fall in US crude inventories and the Organization of Petroleum Exporting Countries (OPEC) confirmation of production quotas also boosted oil prices. Futures for the […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-52685","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/52685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=52685"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/52685\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=52685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=52685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=52685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}