Investing.com - Crude oil futures rose on Friday, as
geopolitical tensions in Iraq fuelled speculation over potential
supply disruptions in the region.
On the New York Mercantile Exchange,U.S. crude oil for delivery
in September traded at $98.13 a barrel during European afternoon
trade, up 0.81%.
Prices climbed 0.43% on Thursday to settle at $97.34.
Futures were likely to find support at $96.55 a barrel,
Thursday\'s low and resistance at $99.85, the high from July
Oil prices gained ground after U.S. President Barack Obama on
Thursday authorized air strikes in Iraq to put an end to an
onslaught by Islamic militants and begun military air-drops of
humanitarian supplies to besieged religious minorities to prevent a
"potential act of genocide".
Traders also continued to monitor developments between the U.S.
and Russia, as Moscow decided on Thursday to ban imports of most
food from the West in retaliation against sanctions against it over
Visiting Kiev this week, NATO\'s secretary general says that
Moscow has massed troops on the country's border with Ukraine in
preparation for a possible ground invasion.
Elsewhere, on the ICE Futures Exchange, Brent oil for September
jumped 0.97% to trade at $106.46 a barrel, with the spread between
the Brent and crude contracts standing at $8.33 a barrel.
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