Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Iraq violence sends crude prices surging towards $115  Join our daily free Newsletter

MENAFN - Arab Times - 15/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Ndon june 14 (afp): oil hit a nine-month peak this week as unrest erupted in key opec crude producer iraq while haven investment gold struck a multi-week high as many investors sought safety. the iraqi government bolstered baghdad's defences on friday as jihadists pushed towards the capital and us president barack obama said he is examining options short of sending ground troops to help baghdad counter the sunni extremist offensive. predominantly shiite muslim iran will combat the 'violence and terrorism' of sunni extremists who have launched an anti-government offensive in neighbouring iraq president hassan rouhani warned. however it was not clear what steps tehran would take to thwart a bid by fighters from the islamic state of iraq and the levant (isil) who are pushing toward baghdad after seizing several cities and towns to the north.



oil: brent prices leapt to 114.69 touching the highest level since september 2013 as traders eyed worsening violence in key opec crude exporter iraq.

'prices are still being driven up by the events in iraq where militants from the sunni terrorist group isil have seized further territory and are now said to be just a few kms away from the capital baghdad' said commerzbank analyst carsten fritsch.

'the us is now considering air strikes by way of supporting the iraqi armed forces in their fight against the isil. the iraqi government increasingly appears to be losing control of the country.'



the international energy agency cautioned that oil supplies from iraq may not be at immediate risk.

iraq is the second biggest oil exporter in the 12-nation organization of petroleum exporting countries (opec) after kingpin saudi arabia.

'concerning as the latest events in iraq may be they might not for now if the conflict does not spread further put additional iraqi oil supplies immediately at risk' the paris-based iea said in its monthly report.

it pointed out that iraq's relatively small output from the north of the country has been off the market since march due to violence while output from the south has been on the rise and production has hit a 30-year high.



the 12-nation opec oil cartel which pumps one third of the world's crude decided on wednesday in vienna to hold their collective production target at 30 million barrels per day (bpd) where it has stood since late 2011 as they said the oil market was stable.

opec nations have expressed their satisfaction with prices above 100 a barrel ? where they have been for most of this year ? as it brings them in sufficient revenue while appearing not to crimp growth in consuming nations.

by friday on london's intercontinental exchange brent north sea crude for delivery in july leapt to 113.29 a barrel from 108.77 a week earlier.

on the new york mercantile exchange west texas intermediate or light sweet crude for july soared to 106.64 a barrel compared with 102.73 a week earlier.



precious metals: gold hit a two-and-a-half week peak at 1277.65 per ounce as investors sought a safe-haven investment to shelter from iraq woes.

'demand for safe haven assets made a comeback after events in iraq' said capital spreads analyst jonathan sudaria. gold is traditionally viewed as a safe store of value in times of geopolitical uncertainty and unrest.

on the downside palladium and platinum sank on news of a breakthrough deal to end strikes in key producer south africa.

south africa's radical amcu union said friday it had agreed in principle to a deal to end the country's longest mining strike which has crippled the world's largest platinum producers.

by friday on the london bullion market the price of gold gained to 1273 an ounce from 1247.50 a week earlier.

silver increased to 19.58 an ounce from 19.03.

on the london platinum and palladium market platinum dropped to 1437 an ounce from 1453.

palladium fell to 816 an ounce from 840.



base metals: base or industrial metals mostly fell hit by iraq worries as traders sought less risky bets.

three-month aluminium decreased to 1841.50 tonne from 1851.

three-month lead firmed to 2080 a tonne from 2075.

three-month tin slid to 22600 a tonne from 23020.

three-month nickel sank to 18087 a tonne from 18624.

three-month zinc rose to 2083 a tonne from 2075.50.



cocoa: prices hit three-year pinnacles as traders eyed weather-related supply worries.

on the ice futures us exchange cocoa for september dipped to 3069 a tonne from 3097 for the july contract a week earlier.



coffee: the coffee market also rebounded as traders fretted over supply shortfalls in key producer brazil.

on liffe robusta for september increased to 1988 a tonne from 1899 for the july contract a week earlier.



sugar: the market enjoyed mixed fortunes.

on ice futures us the price of unrefined sugar for october rose to 17.60 us cents a pound from 16.90 us cents for the july contract a week earlier.



rubber: prices in kuala lumpur experienced a modest rebound amid encouraging economic data in main consumer china.

the malaysian rubber board's benchmark smr20 rose to 168.55 us cents a kilo from 166.60 cents a week earlier.

 


 


Arab Times




  MENA News Headlines
 Mar 29 2015 - Kuwait joins anti-terror march in TunisiaKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait shares the Tunisian resolve to protest acts of terrorism and violence, said Kuwaiti MP Mubarak Al-Khurainej here Sunday.Speaking to KUNA after his arrival, ...

 Mar 29 2015 - Kuwait III on Syria to unearth aid for "largest displacement crisis" - UN officialsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Two UN officials have stressed the importance of aid-pledging talks due to be held in Kuwait for "the largest displacement crisis in the world" in Syria."The ...

 Mar 29 2015 - His Highness Prime Minister receives newly appointed officialsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah received, at Seif Palace on Sunday, Minister of Information and Minister of State for ...

 Mar 29 2015 - Argentinian-Kuwaiti parliamentary cmte arrives in KuwaitKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Argentinian-Kuwaiti parliamentary friendship committee arrived here Sunday on an official visit to the country.The committee is scheduled to visit the ...

 Mar 29 2015 - UAE's Majid Al Futtaim to expand USD680m Carrefour in Africa and AsiaMENAFN
(MENAFN) Majid Al Futtaim, UAE-based retail developer, is set to expand its USD680 million Carrefour in Africa and Asia to help yield more growth, Arabian Business reported.Majid Al Futtaim's ...

 Mar 29 2015 - 1 airstrike in Syria, 14 in Iraq target ISIL - coalitionKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Coalition military forces continued to attack ISIL terrorists in Syria using fighter aircraft to conduct an airstrike, the Combined Joint Task Force announced on ...

 Mar 29 2015 - Omani USD120m theme park project to be set in 2017MENAFN
(MENAFN) Omani biggest theme park project, which is worth USD120 million, is set for completion by 2017, according to the organizers, Arabian Business reported.Majarat Oman will be built over an area ...

 Mar 29 2015 - Uruguay beat Morocco friendlyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Moroccan national football team lost to Uruguay 0-1 in the western coastal city of Agadir on Saturday night.Edinson Cavani turned a penalty into a friendly ...

 Mar 29 2015 - Kuwait-State allotments for citizens employed in private sector at KD 2.4 blnKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Secretary General of the Manpower and Government Restructuring Program (MGRP) Fauzi Al-MajdaliKUWAIT, March 29 (KUNA) - The State of Kuwait spent approximately KD ...

 Mar 29 2015 - Korean firm eyes generating USD275m after Mideast expansionMENAFN
(MENAFN) Busan-headquartered South Korean securities exchange operator, Korea Exchange (KRX), is opting for further expansion with regard to its trading platform in Mena region, Gulf Times ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help