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12 Jun 2014
Crude oil hits 2014 high on supply disruptions worries
FXStreet (Córdoba) - Crude oil futures extended gains and hit a fresh year-to-date high on mounting supply disruptions concerns.
Turmoil in Iraq prompted concerns about oil supply as Sunni rebels from an al Qaeda splinter group captured Mosul, the country's second largest city, and moved closer to the capital Baghdad.
Crude for July delivery rose 1.7% to $106.16 a barrel, their highest since 19 September 2013. At time of writing, oil futures are trading at $106.05/bbl, up 1.6% on the day.
Meanwhile, Brent crude for July rose 2.0% to $112.34 a barrel, a level not seen since early March.
Turmoil in Iraq prompted concerns about oil supply as Sunni rebels from an al Qaeda splinter group captured Mosul, the country's second largest city, and moved closer to the capital Baghdad.
Crude for July delivery rose 1.7% to $106.16 a barrel, their highest since 19 September 2013. At time of writing, oil futures are trading at $106.05/bbl, up 1.6% on the day.
Meanwhile, Brent crude for July rose 2.0% to $112.34 a barrel, a level not seen since early March.