Oil Prices in Flux During Crisis

By Patrick Schmidt.

Crude oil reached $105 dollars per barrel late last week despite the ongoing crisis and advance of the Islamic State of Iraq and the Levant (ISIL).

The increase came after a period of unusually low oil prices in the global market. Oil has fallen over $10 dollars over the past two months because of over production and excess supply.

While experts contend that Northern Iraqi oilfields cannot be counted on for reliable production, there is a consensus that as long as southern oilfields remain intact and relatively secure there should be no cause for concern in the market.

(Source: Al Arabiya English)

Comments are closed.