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Oil prices soar to a new nine-month peak on Iraq violence

Published on Jun 19, 2014 8:52 PM
 
A worker walks in West Qurna oilfield in Iraq's southern province of Basra on March 29, 2014. Oil prices soared Thursday, June 19, 2014, to a new nine-month high point on escalating violence in Iraq, as militants attacked the major crude producer's biggest refinery and seized more territory. -- PHOTO: REUTERS

LONDON (AFP) - Oil prices soared Thursday to a new nine-month high point on escalating violence in Iraq, as militants attacked the major crude producer's biggest refinery and seized more territory.

Brent crude for August delivery rallied as high as US$114.80 per barrel, reaching a level last seen in September 2013. It later stood at US$114.50, up 24 cents from Wednesday's close.

US benchmark West Texas Intermediate for July delivery added 40 cents to US$106.37 a barrel.

"Brent crude has strengthened today, supported by the ongoing advance of the Islamist militant insurgency in Iraq," said Inenco analyst Dorian Lucas.

 
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