Crude oil futures rise with focus on Iraq

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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 31.

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 Ukraine.

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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This article appears in: Investing , Forex and Currencies

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