Brent may top 9-month record


As the crisis in Iraq escalates, brent crude climbed above $115 today towards its 9-month record high. Brent rose 62 cents to $115.43 by 6:35 a.m. GMT, and may break its Thursday record of $115.71 - the highest price since September 9.

Concerns of Iraqi supply are causing brent to rocket. Militants yesterday took control of three towns, two crossings on the Iraq-Syrian border, and stopped traffic on the main highway from Jordan to Baghdad.

U.S. crude for August delivery also gained, soaring 50 cents to $107.33. The July contract expired on Friday.

ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM

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Comments (1)
  • MrEng
    , contributor
    Comments (101) | Send Message
     
    If you believe, as I do, that the Brent/WTI spread is going to widen back out to a $10 to $15 per barrel differential, the play is to get long the refiner's. MPC, MRO, PSX & VLO. Are all looking pretty good here, since crude began to rally in the past month.
    23 Jun 2014, 09:25 AM Reply Like
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