File Photo
Oil markets jumped on Monday on concerns over potential renewed
U.S. sanctions against Iran as well as conflict in Iraq. An explosion at
a U.S. oil rig and reduced exploration activity also supported prices
there.Brent crude futures, the international benchmark for oil prices,
were at 57.85 dollars. There were also concerns about the stability of
Iraq, the second biggest oil producer within OPEC behind Saudi Arabia.
Iraqi forces on Sunday began moving towards oil fields and an important
air base held by Kurdish forces near the oil-rich city of Kirkuk, Iraqi
and Kurdish officials said.
An explosion overnight at an oil rig in Louisiana’s Lake
Pontchartrain drew market attention, with at least six people injured.
U.S. crude prices were also supported by drillers cutting back the
number of rigs looking for new production.
U.S. West Texas Intermediate (WTI) crude futures were trading at
51.89 dollars per barrel, up 44 cents, or 0.9 per cent. Drillers cut
five oil rigs in the week to Oct. 13, bringing the total count up to
743, the lowest since early June, General Electric Co’s Baker Hughes
energy services firm said late on Friday.
No comments:
Post a Comment