13 Jun 2014
Oil rises above $107 amid escalating tensions in Iraq
FXStreet (Córdoba) - Crude oil extended its rally into a new day and reached a fresh 9-month high above $107 a barrel as Iraq escalating violence prompted concerns of supply disruptions.
Crude oil for July delivery rose nearly 1% Friday and reached its highest level since September 2013 at $107.68 a barrel before profit taking sent it back to around $107.00/bbl.
Meanwhile, Brent oil for July delivery rose to a 9-month high of $114.69 before sliding all the way back to $113.00 a barrel.
Both benchmarks were still on track for weekly gains of around 4%. Oil has been steadily advancing amid concerns of supply disruptions after an al-Qaeda splinter group captured Mosul, the country's second largest city, and moved closer to the capital Baghdad.
Crude oil for July delivery rose nearly 1% Friday and reached its highest level since September 2013 at $107.68 a barrel before profit taking sent it back to around $107.00/bbl.
Meanwhile, Brent oil for July delivery rose to a 9-month high of $114.69 before sliding all the way back to $113.00 a barrel.
Both benchmarks were still on track for weekly gains of around 4%. Oil has been steadily advancing amid concerns of supply disruptions after an al-Qaeda splinter group captured Mosul, the country's second largest city, and moved closer to the capital Baghdad.