World
Oil prices mixed ahead of Fed decision, Iraq fears linger
Publish Date: Jun 18, 2014
Oil prices mixed ahead of Fed decision, Iraq fears linger
  • mail
  • img
newvision

SINGAPORE - Oil prices were mixed in Asia Wednesday as dealers await the US Federal Reserve's latest policy statement while also tracking ongoing violence in crude producer Iraq.

US benchmark West Texas Intermediate for July delivery gained five cents to $106.41, while Brent crude for August eased 34 cents to $113.11 in afternoon trade.

Singapore's United Overseas Bank said trading "will be dominated" by the Fed's formal policy statement to be released later Wednesday after a two-day meeting of its key decision-making body.

The US central bank is largely expected to maintain its current policy of keeping federal funds rate at zero, and steadily cutting back its stimulus programme.

French bank Credit Agricole said investors will focus on the Fed's projections for US economic growth, unemployment, inflation and the expected timing of any interest rate increase.

Investors meanwhile remain jittery over the unabated sectarian violence in Iraq.

Prime Minister Nuri al-Maliki on Tuesday fired several top security commanders in a major shake-up of security forces, as fighting approached Baghdad in a jihadist-led insurgency the UN has warned could break up the country.

The Islamic State of Iraq and the Levant, along with loyalists of former president Saddam Hussein, have so far taken territory in Iraq's north, where a relatively small crude output had already been off the market since March due to violence.

However, BP chief executive Bob Dudley on Tuesday voiced confidence that the worsening crisis will not reach the country's far south, where most of its oil infrastructure is located.

Iraq is the second-biggest oil exporter in the 12-nation Organization of Petroleum Exporting Countries (OPEC) after Saudi Arabia.

RELATED ARTICLES

Oil prices rise amid South Sudan violence

South Sudan unrest pushes oil prices up

Oil prices rise on Libyan violence

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
Journalist killings revive US gun control debate
The brazen killing of two US journalists during a live television broadcast by a former reporter fired by the station reignited calls Thursday for tougher gun control in America - though there was little hope for change....
Stiff lifeless bodies submerged in water - it's a sight Canadian doctor Simon Bryant won't soon forget after he found dozens of dead migrants in the hold of a boat off Libya....
Nigerian president names banker as chief of staff
Nigeria's President Muhammadu Buhari made former United Bank for Africa chief Alhaji Abba Kyari his new chief of staff....
Shock, tears as TV station grapples with on-air murders
On any other day, Nadine Maeser would have been out and about, doing her job, covering the darker side of southern Virginia for WDBJ television....
Dozens killed as Somali Shebab ambush troops
Dozens have been killed in Somalia after Shebab gunmen ambushed an army convoy, officials and local elders said Thursday, the latest battles with the Al-Qaeda-linked insurgents....
Muslims not doing
Queen Rania of Jordan said Wednesday that moderate Muslims were not doing enough to fight against IS jihadists and their "diabolical ideology."...
Do you support KCCA'S move to ban campaign posters from the city?
Yes
No
Can't Say
follow us
subscribe to our news letter