Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

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

MENAFN - Arab Times - 03/07/2014
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
 Oct 26 2014 - Mobily Ventures to invest in hellofoodMENAFN
(MENAFN) Mobily Ventures plans to invest in hellofood Middle East, a major food ordering marketplace in the region, Arab News reported.The investment from the Riyadh-based telecom operator Mobily, ...

 Oct 26 2014 - Qatari GWC net profit up 36.8 percent in Q3MENAFN
(MENAFN) Gulf Warehousing Company (GWC) announced that it registered an increase in its net profit, reaching USD28.1 million during the July-September period, which accounts for a 36.8 percent ...

 Oct 26 2014 - Egypt's Tourism expected to recover by April 2015MENAFN
(MENAFN) Egypt's Ministry of Tourism said it is hoping that the country's tourism sector will revive by next April and resume its position as one of the country's most vital industries, Arab News ...

 Oct 26 2014 - Afghan president visits Saudi ArabiaArab News
(MENAFN - Arab News) KABUL: Afghanistan's President Ashraf Ghani Ahmadzai on Saturday made his first overseas trip since taking office fulfilling an election promise to undertake a religious ...

 Oct 26 2014 - Tens of thousands protest Renzi's job measures in RomeArab News
(MENAFN - Arab News) ROME: Tens of thousands of Italians took to the streets of Rome Saturday for a demo organized by Italy's largest trade union to protest Prime Minister Matteo Renzi's plans to ...

 Oct 26 2014 - France announces big coalition air raid against IS in IraqArab News
(MENAFN - Arab News) PARIS: The international coalition currently battling the IS group in Iraq dropped around 70 bombs on an arsenal and militant training center in a large-scale overnight raid the ...

 Oct 26 2014 - UN climate chief hails EU dealArab News
(MENAFN - Arab News) BONN: The UN's climate chief hailed a European agreement on greenhouse gases Friday as providing 'valuable momentum' for a world pact to be inked in Paris next year.The goals set ...

 Oct 26 2014 - Russia still has troops in Ukraine NATO saysArab News
(MENAFN - Arab News) MONS Belgium: Russia still has troops in eastern Ukraine and retains a very capable force on the border despite a partial withdrawal NATO's military commander said on ...

 Oct 26 2014 - Canadians seek to understand Parliament shootingArab News
(MENAFN - Arab News) OTTAWA Ontario: Authorities and ordinary Canadians sifted through confounding shards of a gunman's life seeking to understand what motivated the man to storm the nation's seat of ...

 Oct 26 2014 - Saudi nonoil exports up 22 percent in AugustMENAFN
(MENAFN) Saudi nonoil exports registered an increase by 22.2 percent in August to reach USD4.92 billion compared to the same month last year, while Saudi imports grew by 19.65 percent to USD15.14 ...

more...


 






Google

 
 

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help