Shutterstock photo
Markets

Crude oil rises on U.S. airstrikes in Iraq

Shutterstock photo

Shutterstock photo

Investing.com -

Investing.com - Crude oil futures were higher on Monday, as investors assessed the potential impact of the U.S. airstrikes in Iraq on global oil supplies.

On the New York Mercantile Exchange, crude oil for delivery in September rose 0.71%, or 69 cents, to trade at $98.34 a barrel during U.S. morning hours.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery tacked on 0.33%, or 34 cents, to trade at $105.97 a barrel.

In Iraq, the U.S. conducted a fourth day of air strikes against jihadi militants from the Islamic State insurgent group in northern Iraq on Monday in an effort to protect Iraqi civilians from the uprising as well as U.S. personnel in the country.

Market analysts said U.S. airstrikes might lower the risk of oil supply disruptions from the country.

Iraq produced approximately 3.5 million barrels a day of oil last month, making it OPEC's second-biggest oil producer behind Saudi Arabia.

Meanwhile, fighting between Ukraine security forces and pro-Russia rebels continued in eastern Ukraine over the weekend, as Ukraine dismissed the insurgents' offer of a ceasefire.

Russian President Vladimir Putin, blamed by Ukraine and its U.S. and European allies for supporting the rebels, has said the fighting is creating a humanitarian crisis and offered to provide aid.

Elsewhere, Israel and Hamas agreed to a fresh 72-hour ceasefire in Gaza on Sunday, following a month of violence in the Hamas-ruled territory.

Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com and download the new Investing.com Stocks & Forex App for Android!

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.

Other Topics

ForEx