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Situation in Iraq Continues to Support Oil Prices

June 19, 2014 at 11:27 by Vladimir Vyun

Crude oil rallied today as the situation in Iraq continued to influence the energy market. Iraqi military forces were fighting militants north of Baghdad, the country’s capital. Meanwhile, US President Barack Obama said that he does not need additional congressional approval to respond to the situation. The crisis fueled fears among market participants, boosting risk premium.

Oil also rallied as US inventories slipped by 0.6 million barrels last week. The Federal Reserve policy meeting was also helping the commodity market, driving the dollar down and pushing raw materials priced in the US currency up as a result.

July futures for delivery of WTI crude oil gained $0.42 (0.40 percent) to $106.39 per barrel as of 11:22 GMT on NYMEX today. August contract for Brent crude added $0.29 (0.25 percent) to $114.55 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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