As booming shale pushes U.S. oil production to near 9 million barrels per day, some say U.S. strategic interests are being realigned.» Read More
TOKYO, June 16- Japan's Nikkei share average dropped on Monday morning as an insurgency in Iraq kept investors on edge, while chip-related stocks outperformed on Intel Corp's rosy outlook.
Subhranshu Sekhar Das, Head of Aerospace, Defence & Security Practice at Frost & Sullivan, Asia Pacific, says higher oil prices due to the crisis in Iraq will have a dire impact on operating costs of airlines.
SEOUL, June 16- U.S. crude oil futures rose to a near nine-month high above $107 a barrel on Monday in Asian trade as an insurgency in Iraq intensifies concerns over a potential disruption to oil exports from the second-largest OPEC producer. On Friday, it rose as high as $107.68 before settling up 38 cents at $106.91 per barrel, the highest level since Sept. 18.
TOKYO, June 16- Asian shares got off on the back foot on Monday, as crude extended gains and tested nine-month highs on fears the insurgency in Iraq could worsen and affect oil exports.
The crisis in Iraq is not a "catastrophic event' that will severely impact oil supply and lead to a spike in prices, says Michael Langford, CEO of Fractaux.
Adam Ereli, former U.S. Ambassador to Bahrain from 2007 to 2011, says U.S. assistance with military supplies and logistical support could help the Iraqi government.
While short-term investors keep an eye on interest rates in the U.S. and Europe, long-term investors will need to discern the noise in global markets, says Joe Magyer, Senior Analyst, The Motley Fool.
Christof Ruehl, chief economist at BP, says that we've seen the most stable oil price in a three-year period since the 1970s creating an "eery calm" in the oil market.
Kamran Bokhari, Vice President of Middle Eastern & South Asian Affairs at Stratfor, outlines the best and worst case scenarios that can take place in Iraq at the moment.
Emma Lawson, Senior Currency Strategist at National Australia Bank, expects the crisis in Iraq to drive the Swiss franc and yen higher while the greenback is seen mixed.
Former British Prime Minister Tony Blair has argued it is "bizarre" to blame the current crisis in Iraq on the war of 2003.
WASHINGTON, June 13- Two and a half years after President Barack Obama disentangled America from a long, unpopular war in Iraq, his options for helping the Iraqi government stave off a militant onslaught are slim as doubts simmer over whether even punishing air strikes would be effective.
*Jihadists push to Baghdad; Obama rules out ground troops. NEW YORK, June 13- Crude oil prices rose to new nine-month highs on Friday as concerns persisted that an insurgency in Iraq could disrupt oil exports from the second-largest OPEC producer.
"Meet the Press" moderator David Gregory weighs in on the escalating conflict in Iraq and how the U.S. will respond.
David Gordon, Eurasia Group chairman, weighs in on the crisis in Iraq and where he thinks the conflict is headed. Gordon says there is no good outcome and the best case scenario is that al-Maliki "gets it" and cuts a better deal with the Sunnis.
CNBC's Michelle Caruso-Cabrera reports the Iraqi government is recruiting more men to replace those who abandoned their positions earlier in the week.
Take Iraq's oil out of the marketplace, and crude prices will go way higher than they are now, T. Boone Pickens told CNBC on Friday.
NEW YORK/ LONDON, June 13- The sudden eruption of an al Qaeda- linked militant insurgency in northern Iraq this week triggered the biggest oil price spike in almost a year, as traders feared a civil war that might also draw in oil-rich neighbors.
*IEA plays down risk of sudden Iraq export hit. NEW YORK, June 13- Oil prices rose to new nine-month highs on Friday as concerns persisted that an insurgency in Iraq could disrupt oil exports from the second-largest OPEC producer.
Steve Auth, Federated Investors, shares 3 interesting things happening for equities. Scott Wren, Wells Fargo Advisors, provides perspective on the oil market.