Now Reading:

Oil price firms on Iraq worries


Oil price firms on Iraq worries


The dramatic fall of Ramadi to ISIL forces at the weekend spooked the oil price on the Monday opening, with a barrel rising by between 37 and 48 cents on the Brent and Texas markets.

However reverses in Iraq and continued fighting in Yemen were not enough on their own to drive prices higher say analysts who point to a continuing oversupply of the market they say will not ease until the year’s end.

They add it will not take much more of a rise in price for American drillers to resume pumping, thus exacerbating any supply issues irrespective of other market pressures.

It is thought unlikely OPEC will cut production at its next meeting in June, and fewer wells are being abandoned after falling sharply for 23 straight weeks, suggesting decline is slowing.

Every story can be told in many ways: see the perspectives from Euronews journalists in our other language teams.

Next Article