Crude prices slumped on Tuesday, falling from its nine-month high as the market continues to raise worries over the ongoing violence in Iraq and the nation’s oil supply. Oil traders are also expecting the American Petroleum Institute to release the US oil inventories data later in the day.
Futures for the US benchmark West Texas Intermediate (WTI) crude slid 0.23% lower at $106.66 a barrel on the New York Mercantile Exchange at the time of writing. While futures for the European benchmark Brent for August settlement eased 0.13% to $112.82 a barrel on the London-based ICE Futures Europe exchange.
Crude – Iraq
The situation in Iraq remains in the spotlight as the tensions worsened over the weekend and Islamic militants took control of the city of Tal Afar, where most of the country’s oil fields are based as conflict sparked between Islamic Sunni militants and the central government on Monday.
Last week, US President Barack Obama said the government is looking at every option to help the government of Baghdad, but refused to send ground troops as the US soldiers left the country in 2011. However, President Barack Obama failed to rule out air strikes and has dispatched an aircraft carrier to the Persian Gulf
Officials from the US resumed talks with the Iranian government on how to ease tensions in Iraq.
US Oil Production
The British oil and gas multinational company BP released its statistical review for this year which showed that the global primary energy consumption for the previous year increased 2.3% in 2013 and US oil production advanced by 1.1 million barrels per day.
Reports from the US Energy Information administration is due to be released later in the day and expected to show a rise in the US oil production to 15 million barrels per day by 2017. A separate report from the Energy Department’s statistical arm showed that supplies dropped in the last two weeks to 386.9 million barrels.
Ukraine
The Russian gas company Gazprom confirmed that gas shipments to Ukraine were stopped as talks over gas prices between Ukraine and Russia failed after Ukraine refused to pay its $1.95 billion gas debt.
Ukraine refused to pay its $1.95 billion gas debt unless Russia agrees to a price of $326 per 1,000 cubic metres, down from Russia’s price of $385 per 1,000 cubic metres; which was the final offer.
Meanwhile, Ukraine’s newly-elected President Petro Poroshenko said he would present a peace proposal this week to ease tensions in the eastern region of the country.
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Crude prices slumped on Tuesday, falling from its nine-month high as the market continues to raise worries over the ongoing violence in Iraq and the nation’s oil supply. Oil traders are also expecting the American Petroleum Institute to release the US oil inventories data later in the day.
Futures for the US benchmark West Texas Intermediate (WTI) crude slid 0.23% lower at $106.66 a barrel on the New York Mercantile Exchange at the time of writing. While futures for the European benchmark Brent for August settlement eased 0.13% to $112.82 a barrel on the London-based ICE Futures Europe exchange.
Crude – Iraq
The situation in Iraq remains in the spotlight as the tensions worsened over the weekend and Islamic militants took control of the city of Tal Afar, where most of the country’s oil fields are based as conflict sparked between Islamic Sunni militants and the central government on Monday.
Last week, US President Barack Obama said the government is looking at every option to help the government of Baghdad, but refused to send ground troops as the US soldiers left the country in 2011. However, President Barack Obama failed to rule out air strikes and has dispatched an aircraft carrier to the Persian Gulf
Officials from the US resumed talks with the Iranian government on how to ease tensions in Iraq.
US Oil Production
The British oil and gas multinational company BP released its statistical review for this year which showed that the global primary energy consumption for the previous year increased 2.3% in 2013 and US oil production advanced by 1.1 million barrels per day.
Reports from the US Energy Information administration is due to be released later in the day and expected to show a rise in the US oil production to 15 million barrels per day by 2017. A separate report from the Energy Department’s statistical arm showed that supplies dropped in the last two weeks to 386.9 million barrels.
Ukraine
The Russian gas company Gazprom confirmed that gas shipments to Ukraine were stopped as talks over gas prices between Ukraine and Russia failed after Ukraine refused to pay its $1.95 billion gas debt.
Ukraine refused to pay its $1.95 billion gas debt unless Russia agrees to a price of $326 per 1,000 cubic metres, down from Russia’s price of $385 per 1,000 cubic metres; which was the final offer.
Meanwhile, Ukraine’s newly-elected President Petro Poroshenko said he would present a peace proposal this week to ease tensions in the eastern region of the country.
Deposit $100 get $100 absolutely FREE! Register with HY Markets today.
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