Oil on the rise due to stockpile decline, Iraq crisis

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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Comments (4)
  • Patent News
    , contributor
    Comments (1474) | Send Message
    religious conflict? what a surprise!
    19 Jun 2014, 07:15 AM Reply Like
  • snoopy44
    , contributor
    Comments (1467) | Send Message
    Yeah that's a really helpful suggestion Obama. I am sure Maliki will accommodate you and simply step down. What is this, "Foreign Policy Amateur Hour"? The incompetence of this administration is mind-boggling.
    19 Jun 2014, 08:08 AM Reply Like
  • jon connery
    , contributor
    Comments (16) | Send Message
    U S stockpiles falling again while I hear bragging about people wanting to export fuel to other countries ... If that supply of U S produced petro exists, inventories should be increasing ...not dropping... Something does not compute or somebody is doctoring the numbers ??
    19 Jun 2014, 08:27 AM Reply Like
  • yalcocer
    , contributor
    Comments (17) | Send Message
    Inventories in US are falling because it is more economic for the refineries to process US oil than to import oil (Brent-WTI differential).


    US oil producers on the other side, want to export because they can get more money exporting to international markets due to the same Brent-WTI differential.
    19 Jun 2014, 09:18 AM Reply Like
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