As eyes are on Iraq, Oil Price becomes higher!
Oil prices rose in Asia Monday as dealers monitor sustained US air strikes on extremist militants in Iraq who are threatening the crude-rich Kurdish region. US benchmark West Texas Intermediate for September delivery rose 25 cents to $97.70 while Brent crude for September gained six cents to $105.08 in afternoon trade.
Iraq's Kurdish peshmerga force on Sunday reclaimed two towns from Islamic State fighters buoyed by three days of US air strikes to stem the jihadist advance. Us President Barack Obama ordered his country's warplanes back into Iraqi skies to prevent genocide by the jihadists against besieged religious minority groups and prevent an advance on the Kurdish capital Arbil where US personnel are stationed.
The sweeping offensive began on June 9, preventing Baghdad from exporting oil via pipeline to Turkey and by road to Jordan. Iraqi's oil ministry on July 24 said crude exports totalled 2.42 million barrels per day in June, falling far short of a budgeted projection of 3.4 million bpd.
Source: yahoo.com
No comments:
Post a Comment