Quotes: 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
 Jul 2 2015 - OIC condemns terrorist attacks in SinaiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The Organisation of Islamic Cooperation, OIC, has condemned the terrorist attacks on military checkpoints in Northern Sinai, Egypt, on Wednesday, which resulted ...

 Jul 2 2015 - Ajman Ruler, Crown Prince receive more Ramadan greetingsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, last night received Sultan bin Saeed Al Mansouri, Minister of Economy, and ...

 Jul 2 2015 - UAE- Department of Tourism and Commerce Marketing hosts English-Language lecture on SundayEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The ongoing lecture series hosted as part of the activities of the 14th Dubai Ramadan Forum, organised by the Department of Tourism and Commerce Marketing, DTCM, ...

 Jul 2 2015 - UAE Embassy in Senegal distributes 800 food packagesEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The UAE Embassy in Senegal has overseen the process of distributing 800 food packages to needy families in Gambia, provided by the Khalifa bin Zayed Al Nahyan ...

 Jul 2 2015 - Dubai launches "Health of the Fasting" campaign as part of Ramadan ForumEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) As part of the activities of the 14th Dubai Ramadan Forum, Dubai yesterday launched the 'Health of the Fasting' awareness programme, providing free medical ...

 Jul 2 2015 - President, VP, Mohamed bin Zayed send greetings to Governor-General of CanadaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) President His Highness Sheikh Khalifa bin Zayed Al Nahyan has sent a congratulatory cable to David Johnston, Governor-General of Canada, on the occasion of his ...

 Jul 2 2015 - UAE Embassy oversees implementation of Iftar Project in Thailand and CambodiaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The UAE Embassy in Thailand has overseen the implementation of the Iftar project in Thailand and Cambodia. The Iftar project is implemented by the Khalifa bin ...

 Jul 2 2015 - UAE- NEC begins media accreditation process for coverage of FNC 2015 ElectionsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The National Election Committee has opened the accreditation process for media representatives who will be covering the Federal National Council, FNC, Elections ...

 Jul 2 2015 - DEWA introduces Al Namoos service for consultants and contractors to connect up to 150KW within 10 daysEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Electricity and Water Authority, DEWA, has launched its Al Namoos, an Emirati word that describes a race winner, service. This latest initiative, ...

 Jul 2 2015 - Dubai Silicon Oasis and SAP Training and Development Institute join hands to support tech start-upsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Silicon Oasis Authority, DSOA, the regulatory body for Dubai Silicon Oasis, DSO, the integrated free zone technology park, yesterday signed a sponsorship ...

more...


 






Google

Click to Apply

 
 

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