Oil Holds at $47 as Iraq Resumes Exports
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Oil prices held just below the $47 mark on Monday as Iraq resumed exports from both its northern and southern outlets after lengthy disruption, despite fierce fighting in the holy city of Najaf.
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LONDON: World oil prices rose yesterday on concerns over the possibility of further unrest in major producer Iraq despite a ceasefire in Najaf, where fighting has raged for weeks, traders said.
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Oil prices have surged to a new high of $47 a barrel after a new threat by rebel militia against Iraqi oil facilities, and as the United States says inflation has stayed in check despite rising energy costs.
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Oil prices held firm above $47 a barrel  as signals from the OPEC cartel of a possible cut to production  countered fears of a slowdown in second-quarter demand.
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Oil prices held firm above $47 a  barrel as worries about a possible cut to OPEC production  curbed fears of a slowdown in second-quarter demand.
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Oil prices stuck near $47 a barrel on  Monday as traders were torn between the seasonal ebb of demand  in the second quarter and the constant threat of an OPEC output  cut.
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Global oil prices have rallied to fresh highs, with US crude approaching $49, driven by escalating violence in Iraq and unabated demand growth from China and India.
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Oil prices struck a fresh record high  above $47 a barrel on Thursday as fresh evidence of demand  growth in China and India underlined how rising appetite for  oil is straining the world's supply system.
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Oil held firm near $96 a barrel on Thursday after a three-day rally as traders awaited a sixth-weekly decline in U.S. crude inventories and attached a bigger supply-risk premium to Turkish bombing in northern Iraq.
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LONDON: World oil prices rebounded slightly Thursday in the wake of multiple pipeline attacks in major producer Iraq, traders said.
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Oil prices surged over $47 a barrel on  Wednesday on evidence that energy costs are not substantially  slowing the economic growth that fuels oil demand and fresh  threats by rebel militia against Iraqi oil facilities.
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Crude oil futures closed in on $49 a barrel Monday as traders kept an eye on the possibility of another OPEC production cut, turmoil in Nigeria and violence in Iraq ahead of the election.
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Oil prices edged higher in Asian trading Friday but remained below the $44 level following a ceasefire in the battle-torn Iraqi city of Najaf, dealers said.
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Oil prices held steady on Tuesday after falling 2 percent a day earlier and were set for further falls in anticipation of higher U.S. crude stocks despite concerns over disruptions to Iraqi oil flow.
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Exports of crude have resumed from oil fields in the north and south of Iraq, driving down prices on global markets overnight. After going just shy of $US50 a barrel at the end of last week, the key oil futures
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Oil prices rebounded quickly from a brief fall late last week as fierce fighting in the Iraqi city of Najaf overshadowed Iraq&#39;s resumption of full exports following a two-week disruption.
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Oil prices rebounded Tuesday on fresh violence in Iraq ahead of elections this month and as Saudi Arabia, OPEC's top producer, said it has followed through with a pledge to cut output.