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Crude oil futures near 9-month highs on Iraq crisis

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Investing.com -

Investing.com - Crude oil futures gained more ground on Friday, trading near nine-month highs mounting concerns over violence in Iraq continued to fuel worries of possible supply disruptions in the region.

On the New York Mercantile Exchange,U.S. crude oil for delivery in July traded at $107.18 a barrel during European morning trade, up 0.61%.

Prices rallied 2.04% on Thursday to settle at $106.53.

Futures were likely to find support at $104.35 a barrel, Thursday's low and resistance at $107.54.

Oil prices climbed after Iraqi insurgents linked to al-Qaeda reportedly took full control of the northern oil city of Kirkuk on Thursday and moved closer to the capital, Baghdad.

On Wednesday, militants from the Islamic State in Iraq and Syria, or ISIS, seized the northern cities of Mosul and Tikrit, renewing concerns over a disruption to supplies from the region.

The U.S. said that it is working with Iraq's leaders on a coordinated response to regain lost territory and would provide additional assistance to Baghdad.

Meanwhile, market participants were also eyeing the release of U.S. data on producer price inflation and a preliminary report on consumer sentiment from the University of Michigan.

Elsewhere, on the ICE Futures Exchange, Brent oil for August delivery climbed 0.78% to trade at $113.30 a barrel, with the spread between the Brent and crude contracts standing at $6.12 a barrel.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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