{"id":52869,"date":"2014-06-17T02:09:52","date_gmt":"2014-06-17T06:09:52","guid":{"rendered":"http:\/\/countingpips.com\/?p=52869"},"modified":"2014-06-17T02:09:52","modified_gmt":"2014-06-17T06:09:52","slug":"crude-trades-higher-as-iraq-conflict-worsens","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/06\/crude-trades-higher-as-iraq-conflict-worsens\/","title":{"rendered":"Crude Trades Higher as Iraq Conflict Worsens"},"content":{"rendered":"
June 17, 2014<\/div>
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By HY Markets Forex Blog<\/a><\/u><\/strong> <\/p>\n

Crude prices advanced on Monday as the violence in Iraq continues and the tension in Ukraine remains in spotlight. The US is expected to intervene to help the government of Baghdad.<\/p>\n

The US benchmark West Texas Intermediate (WTI) crude rose 0.50% higher at $107.46 a barrel\u00a0 on the New York Mercantile Exchange at the time of writing, heading towards a nine-month high.<\/span><\/p>\n

The European benchmark Brent crude for August settlement climbed 0.54% to $113.06 a barrel on the ICE Future Europe exchange based in London.<\/p>\n

US regular gasoline rose 0.8% to an average of $3.657 a gallon on June 13, according to AAA in Heathrow, Florida, America\u2019s largest motoring group.<\/p>\n

\u00a0Crude – 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 disrupted the repair work on the main pipeline from the Kirkuk oil field to the Mediterranean port of Ceyhan in Turkey.<\/p>

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The situation in Iraq remains in the spotlight as the tensions worsened over the weekend as Islamic militants took control of the city of Tal Afar, where most of the country\u2019s oil fields are based.<\/p>\n

Last week, US President Barack Obama said the government is looking at every option to help the government of Baghdad, but refused to send ground troops as the US soldiers left the country in 2011. However, President Barack Obama failed to rule out air strikes and has dispatched an aircraft carrier to the Persian Gulf.<\/p>\n

According to estimates from the IEA, Iraq\u2019s crude output capacity will rise to over 1.2 million barrels a day in the six years through 2019.<\/p>\n

Ukraine<\/span><\/h2>\n

After several talks between Russia and Ukraine over gas prices, no agreement was finalized and the Russian energy company Gazprom has said it will stop gas shipments to Ukraine if the country does not pay its $1.95 billion gas debt by 6am GMT Today. Shipments to the European Union will also be affected as well.<\/p>\n

Ukraine refused to pay its $1.95 billion gas debt unless Russia agrees to a price of $326 per 1,000 cubic metres, down from Russia\u2019s price of $385 per 1,000 cubic metres; which was the final offer.<\/p>\n

Meanwhile the crises in Ukraine\u2019s eastern regions escalated over the weekend as the Ukrainian army launched attacks against insurgents\u2019 positions.<\/p>\n

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The post Crude Trades Higher as Iraq Conflict Worsens<\/a> appeared first on | HY Markets Official blog<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By HY Markets Forex Blog Crude prices advanced on Monday as the violence in Iraq continues and the tension in Ukraine remains in spotlight. The US is expected to intervene to help the government of Baghdad. The US benchmark West Texas Intermediate (WTI) crude rose 0.50% higher at $107.46 a barrel\u00a0 on the New York […]<\/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-52869","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/52869","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=52869"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/52869\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=52869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=52869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=52869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}