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Oil Prices Surge on Worries about Iraq
International oil futures rose 3% on Thursday over concerns that violence in Iraq will disrupt the country's petroleum output.
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International oil futures rose 3% on Thursday over concerns that violence in Iraq will disrupt the country's petroleum output.
Analysts say crude oil prices could rise over the next several days to around $118 per barrel from the current $111.
Oil prices have been creeping up since the Organization of the Petroleum Exporting Countries agreed early this week to maintain current production at 30 million barrels per day. Most members of the cartel, which collectively account for about 40% of the world's petroleum output, are pumping crude at capacity now.
Iraq contributes about 3.4 million barrels per day to OPEC's output.
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