Crude Records Year’s Biggest Weekly Gain on Iraq Unrest
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West Texas Intermediate and Brent crudes charted the biggest weekly gains this year as Islamist fighters extended their advance in Iraq, triggering concern of a return to civil war.
Futures in New York climbed 4.1 percent this week while they added 4.4 percent in London. Government forces in Iraq, OPEC’s second-biggest oil producer, are seeking to dislodge Islamist militants from cities north of Baghdad after they overran army positions in Mosul this week. U.S. President Barack Obama said yesterday he won’t rule out using airstrikes to help the government.