22:35 21-10-2014
MAIN Russian
About us On-line subscription
KazakhstanTajikistanUzbekistanKyrgyzstanTurkmenistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
Brent rises towards $114 with deepening Iraq violence

Bishkek (AKIpress) - oil-1 Brent crude rose towards $114 a barrel on Wednesday as Sunni militants pushed forward in northern Iraq, striking a key refinery near Baghdad and stoking worries about oil exports from the key producer, Reuters said.

The rapid advance of militants in northern Iraq has led oil companies to pull foreign staff out of the country, fearing violence could spread to major oilfields concentrated in the south.

Further increasing tensions, Iranian President Hassan Rouhani said his country would not hesitate to defend Shi'ite holy sites in neighbouring Iraq.

Brent rose 20 cents to $113.65 a barrel by 0815 GMT. U.S. crude gained 35 cents to $106.71 a barrel after a draw in domestic stocks.

Worries about disruption to Iraq's supply drove up both benchmarks by more than 4 percent last week, the biggest weekly jump since July for Brent and since December for U.S. crude.

Sunni militants on Wednesday renewed their attack on Iraq's biggest oil refinery, Baiji, with machine-gun fire and mortars. The plant north of Baghdad has been shut and its foreign staff evacuated, although refinery officials said local staff remain in place and the military is in control of the facility.

"Crude prices are reacting to the headlines on the attack on the Baiji refinery," said Olivier Jakob, analyst at Zug, Switzerland-based consultancy Petromatrix.

"The insurgents are trying to create more instability. After the 2003 conflict, one of the first things the United States did was to get the refinery back running and petrol shortages would create more domestic instability," Jakob said.

Iraqi officials say the southern regions that produce some 90 percent of the country's oil are completely safe from the Islamic State of Iraq and the Levant (ISIL).


Twitterfacebookprint
15:49 18.06.2014
LATEST NEWS
17:23 Return on pension assets in Kazakhstan to reach 6.6% by 2014 end - Central Bank17:18 President Atambayev sends objection to anti-GMO bill17:05 17 companies from 12 countries buy kidney beans in Kyrgyzstan17:02 Main problem of Kyrgyz migrants in South Korea is illegal stay – Honorary Consul16:55 Kyrgyz Economy Ministry expects decrease of fuel prices in November16:51 Turkmenistan positioned in world as state with enormous oil, natural gas reserves – Gurbanguly Berdymuhamedov16:48 President, Parliament and Government order police to aggressively fight crimes, improve methods of work – Deputy Interior Minister16:43 Russia to transfer $30 million by year-end for Kyrgyzstan's budgetary support16:41 Current dollar/tenge exchange rate safe for Kazakhstan’s economy - Central Bank16:39 Population of Kyrgyzstan expected to reach 6 mln people by 201616:36 Kyrgyzstan's Foreign Ministry to open Honorary Consulates in Canada, Poland16:32 Interior Ministry pays special attention to identification of organized criminal groups, Deputy Interior Minister says16:27 Russia's economic sanctions provide new opportunities for agricultural producers from Kyrgyzstan – Federal Council Chair16:26 Journalists in Kyrgyzstan not taught on Islam-related news coverage – expert16:24 Turkmenistan rapidly emerging as industrially developed country – Turkmen President16:14 Introduction of sharia courts within legal system of Kyrgyzstan suggested16:06 Iran ready to cooperate with Kyrgyzstan in mining, transport sectors16:00 U.S. issues new Ebola treatment protocols15:53 Migrant workers from Kyrgyzstan blacklisted for petty offenses to be removed from list15:50 Opportunities for women to study Islam in Kyrgyzstan very narrow - expert
Astana
+2° C
Ashgabat
+20° C
Bishkek
+11° C
Dushanbe
+22° C
Tashkent
+17° C
exchange rates
 
70.74
55.46
9.04
1.36
231.50
181.50
29.64
4.43
6.38
4.99
0.82
0.12
3084.28
2367.40
385.74
61.13
3.63
2.85
0.47
0.07

© AKIpress News Agency - 2001-2014
Use of the AKIpress.com materials must be accompanied by a hyperlink to www.akipress.com
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75