Thursday, 23 November, 2017

Oil Prices Up as Iraq Tensions Escalates

FSMNews Asian shares conquer 10-year peak, oil up on Iraq tensions
Laurie Berry | 17 October, 2017, 21:24

Brent crude oil was up 25c at $58.07 a barrel by 8.45am GMT, up nearly a third from its mid-year levels.

US crude oil futures settled at $51.87 per barrel, up 42 cents or 0.82 percent, while Brent settled at $57.82, up 1.2 percent on the day. 78 per barrel, slightly down from their last settlement, but 2 percent higher than last Friday and nearly a quarter above mid-June levels.

Oil prices have remained stable, continuing with previous gains made due to the ongoing conflict between Iraqi and Kurdish forces that can cut off crude supplies from northern Iraq, as well as the continued political tension between the United States and Iran.

"In the case of Kurdistan, the 500, 000 bpd Kirkuk oil field cluster is at risk with initial reports that 350, 000 bpd has shut in although this remains unclear", Goldman Sachs said on Tuesday.

Tension between the U.S. and Iran is rising, also raising the global risk premium for oil.

Court says Apple must pay $440 million for FaceTime patent
This only adds to the potential final tally, which was originally broken because it was too much at over $600 million. Apple has been in touch with us, and a spokesperson confirmed that it plans to appeal this final judgement.

"The market is going higher despite all the news flow of geopolitical events", said Jeff Zipper, managing director at U.S. Bank Private Client Reserve in Palm Beach, Florida.

With (Other OTC: WWTH - news) supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) tightening the market, analysts have been raising their oil price forecasts. The cuts are likely to be shared again by non-OPEC members led by top oil producer Russian Federation, which lessened output joining OPEC from January. It may take time to break above; meanwhile, crude oil prices could travel between $50 to $52.30 levels.

According to Birol the rate of compliance by OPEC and its partners in their targeted cutting of around 1.8 million between January this year and March 2018 was about 86 percent.

Copper jumped 3.7 percent to $7,134 per tonne on the London Metal Exchange, after touching the July 2014 high of $7,177 a tonne, driven by economic data from China, the world's top copper consumer.

The euro EUR= slumped 0.25 percent to $1.1792, while the dollar index .DXY added to gains, rising 0.21 percent as investors repositioned following disappointing inflation data on Friday that sent the greenback lower.

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