Fears of reviving supply disruption in the Middle East pushes up oil prices

05-Aug-14
Oil prices rose in Asia as fears of supply disruptions in the Middle East revived, analysts were reported by PTI. US benchmark West Texas Intermediate (WTI) for September delivery to US$98.4, while Brent crude for September inched up to US$105.6 in mid-morning trade. Thoughsigns are not apparent that the ongoing conflicts in the Middle East could cause disruptions, those concerns are still there at the back of investors' minds. Fighting also raged on in Iraq, where Baghdad's air force and Kurdish fighters from Syria joined forces with Iraq's embattled peshmerga to push back jihadists whose latest attacks sent thousands of civilians running for their lives. Sunni militants have also seized two small oilfields in Northern Iraq, which a North Oil Company official said had a combined capacity of 20,000 bpd.
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