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)
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