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Oil prices rise due to protests in Iraq, Ecuador

Image of an oil refinery plant ]TheKurgan/Wikipedia ]
Oil refinery plant [TheKurgan/Wikipedia ]

Crude oil prices rose today morning after concerns of supply disruption had increased due to the current unrest in oil-producing countries Iraq and Ecuador.

Prices rose after setting aside the concerns about the demand for supply, and amid investors’ anticipation for the outcome of US-China trade talks this week.

By 6:52 GMT, Brent crude rose by 44 cents, or 0.8 per cent, to $ 58.79 a barrel, while US West Texas Intermediate crude rose by 42 cents, or 0.8 per cent, to $ 53.17 a barrel.

Read: Iraq reopens Green Zone following protests

Investors are cautious ahead of US-China talks which are due to be held in Washington on Thursday, although these talks are not expected to produce a comprehensive deal to end the trade war between the world’s two largest economies.

In the mean time, protests in Iraq and Ecuador threatened to disrupt production from both members of the Organization of Petroleum Exporting Countries (OPEC).

The death toll in Iraq, the second largest OPEC producer, rose after a week of unrest. Also, the energy ministry in Ecuador, one of OPEC’s smallest producers, which is due to come out of the cartel next year, said that protests against austerity measures could cut its oil output by 59,450 barrels per day.

Asia & AmericasChinaIraqNewsUS
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