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alexkashef 3 posts  |  Last Activity: Jun 12, 2014 3:50 PM Member since: Dec 7, 2005
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    Iraq rebels take over oil city on Reuters

    by alexkashef Jun 12, 2014 9:45 AM
    alexkashef alexkashef Jun 12, 2014 3:50 PM Flag

    Dude thanks, you are so 4th grade funny. Its called getting the news out and shaking the shorts. But thank you.

  • UPDATE 6-Global oil prices rise on escalating Iraq violence
    Thu Jun 12, 2014 9:33am EDT
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    Energy »
    * Brent hits 3-month high over $112 on Iraq supply worries

    * Iraqi Kurds seize control of northern oil city Kirkuk

    * Iraq says biggest oil refinery at Baiji under govt control (Updates prices)

    By Lin Noueihed

    LONDON, June 12 (Reuters) - Brent crude oil climbed towards $112 a barrel on Thursday on worries that escalating violence in Iraq could disrupt oil supplies from the major OPEC exporter.

    The Brent futures contract - an international benchmark sensitive to geopolitical turmoil - rose $1.90 to $111.85 a barrel by 1320 GMT, paring earlier gains that saw it rise more than $2 to its highest since early March.

    U.S. oil gained $1.66 to $106.06 a barrel, also shedding earlier gains that saw it hit a year high.

    An initially muted market response to news that Sunni rebels had overrun Iraq's second-largest city and moved in on its largest refinery at Baiji has given way to growing alarm as the al Qaeda splinter group appeared to make rapid advances toward the Shi'ite-led government in Baghdad.

    "I would entirely ascribe this move to the insurrection in the north of Iraq ... The fear is that it will cause a threat to Iraqi oil exports," Christopher Bellew, a trader at Jefferies Bache, said.

    "If this conflict knocked out Iraq as an exporter, that would have significant impact on prices."

    Concern that the Baghdad-controlled Iraqi army was disintegrating and could no longer secure key oil facilities was exacerbated when soldiers fled the northern oil city of Kirkuk, leaving it in the hands of Kurdish forces.

    However, the bulk of Iraq's oil production and export facilities are in largely Shi'ite areas in the south of the country, where al Qaeda-inspired groups enjoy little sympathy.

    Those facilities, which ship about 2.6 million barrels per day (bpd), were "very, very safe", the country's Oil Minister Abdul K..

  • alexkashef by alexkashef Jun 12, 2014 9:39 AM Flag

    What is happening in Iraq? Appears that rebels have overtaken an oil city and oil prices are going up. Does anyone have any information?

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