Crude prices drop as markets await impact of insurgency on Iraq's oil output
The price of oil fell Monday as traders waited to see if an insurgency in Iraq would affect the country's oil production and exports.
In a blitz through Iraq's western desert over the weekend, insurgents captured four towns and three border crossings on the country's frontiers with Jordan and Syria, greatly expanding territory under their control in the country's north.
The bulk of Iraq's oil production and export operations are in the south.
Benchmark West Texas Intermediate crude for August delivery dropped 66 cents to US$106.17 a barrel on the New York Mercantile Exchange.
Brent crude, used to price international oils, fell 69 cents to US$114.12 a barrel in London.
In other energy futures trading on the Nymex: wholesale gasoline slipped two cents to US$3.11 a U.S. gallon (3.79 litres), heating oil fell two cents to US$3.03 a gallon and natural gas dropped nine cents to US$4.45 per 1,000 cubic feet.
(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS), (TSX:CVE)
Read more Business News
- Campfire ban liftedCentral Okanagan - 8:58 pm
- National Guard leaves FergusonWorld - 9:21 pm
- 22,322 missing since 2006World - 7:52 pm
- Dog used as lure to kidnapWorld - 7:14 pm
|QHR Technologies Inc||1.21||0.00|
|Anavex Life Sciences||0.26||0.00|
|Copper Mountain Mining||2.88||-0.04|
|Sunrise Resources Ltd||0.025||-0.005|
|Mission Ready Services||0.215||-0.015|
Establishing a joint account may seem like a great strategy at first glance. However, there are many factors that must be considered before taking this action. This article will explore the use of &ls...
Let’s face it; nobody wants to pay for legal services if they do not have to, but if you have been injured in an accident you may have thought about hiring a lawyer to help you navigate your cla...
My screen printing business, like many others, started as a one-man operation. It was located in a small building, not much better than a shack, with a telephone, a big table where I ate lunch and (oc...