Brent Crude Rises on Iraq Violence; WTI Holds Above $106
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Brent crude rose for the first time in three days as an al-Qaeda offshoot consolidates its control over areas of Iraq, OPEC’s second-largest producer. West Texas Intermediate settled above $106 a barrel for the eighth time in nine days.
Iraqi forces have been battling the Sunni Islamic State in Iraq and the Levant for control of the Baiji refinery north of Baghdad for almost two weeks. The crisis flared this month when ISIL captured the northern city of Mosul on June 10 and advanced to towns just north of Baghdad. A government report tomorrow is projected to show that U.S. crude supplies fell a fourth week.