Oil on the rise due to stockpile decline, Iraq crisis

|By:, SA News Editor

Crude futures in Asia climbed higher today, after data was revealed showing a small decrease in U.S. weekly oil stockpiles. The supply fell by 579k barrels last week, according to the U.S. Energy Information Administration. Still, the country's domestic crude production is currently its highest in 28 years.

At 6:30 a.m. GMT, July crude futures on the New York Mercantile Exchange traded at $106.59 a barrel, up $0.62. August Brent crude on London's ICE Futures exchange climbed $0.46 to $114.72 a barrel.

Instability in Iraq continues, after a battle took place at Iraq’s largest oil refinery yesterday between militants and Iraqi security forces.

The Obama administration is also signaling that Iraqi Prime Minister Nouri al-Maliki should step down, stating he is unable to stabilize the region.

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