Matt Smith, Schneider Electric, discusses why crude prices are hitting 52-week lows. And Boris Schlossberg, BK Asset Manangement, provides his play on the euro versus the U.S. dollar.» Read More
*Threat of Iraq supply disruptions receding- analyst. SINGAPORE June 25- Brent crude inched lower on Wednesday, but held close to a nine-month high above $114 a barrel as Sunni insurgents battled government forces for control of Iraq's biggest refinery.
WASHINGTON, June 24- U.S. officials have told energy companies that they may export a variety of ultra-light oil if it has been minimally refined, an apparent marginal loosening of a decades-old ban on selling U.S. crude abroad.
U.S. crude oil inched higher after news of a U.S. government decision to permit exports of lightly refined oil.
SINGAPORE June 25- U.S. crude futures stood not far off $107 a barrel after jumping more than $1 in early Asian trade on a report the U.S. Commerce Department has approved exports of a light oil called condensate. *U.S. crude for August delivery rose 77 cents to stand at $106.80 by 0835 GMT, after briefly hitting $107.50.
*U.S. crude firms as investors warily watch Iraq developments. TOKYO, June 25- Asian shares were on the back foot early on Wednesday, taking their cue from Wall Street as the deepening crisis in Iraq and a report that the U.S. could be loosening restrictions on crude exports triggered a rally in oil prices.
The U.S. government has taken steps to let two companies sell unrefined American crude oil overseas, the Wall Street Journal reported Tuesday.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Crude was mixed today, nat gas was up on the day, and gold hit a 10-week high today.
NEW YORK, June 24- Brent crude held above $114 a barrel on Tuesday, supported by continued fighting in Iraq, supply disruptions in Libya and expectations of a decline in U.S. crude inventories, while U.S. crude prices dipped slightly.
CNBC's Jackie DeAngelis speaks with Jeff Grossman, BRG Brokerage president, about concerns to potential oil supply disruptions in Libya and Iraq.
Secretary of State John Kerry is in northern Iraq urging the leaders of the Kurdistan region to stand with Baghdad in an attempt to hold Iraq together as a country. CNBC's Michelle Caruso-Cabrera reports the latest in the crisis.
If Iraqi Prime Minister Nouri al-Maliki stays in power, expect more fighting. But a replacement will be just as telling.
NEW YORK, June 24- Brent crude resumed its upward trend, climbing above $114 a barrel on Tuesday, as it received support from fighting in Iraq, supply disruption in Libya and expectations of a decline in U.S. crude inventories.
CNBC's Patti Domm sits down with CNBC Chief International Correspondent Michelle Caruso-Cabrera to discuss her recent travels to Iraq and her take on the big concerns over oil.
Here are a couple of things that could interfere with the bull run to Dow 17,000, says NYSE floor trader Kenny Polcari.
CNBC's Jackie DeAngelis reports concerns on Iraqi's oil supply, and Libya's output is coming into play in the oil market, but prices remain supported.
LONDON, June 24- Oil edged back above $114 a barrel on Tuesday, halting its decline from a nine-month high, supported by fighting in Iraq, supply disruption in Libya and expectations of a decline in U.S. crude inventories. Violence in Iraq has not affected crude supply from southern terminals, the outlet for almost all the country's exports.
Europe needs a "single market for energy" to bolster investment and move away from its reliance on Russia, the CEO of Enel told CNBC.
Francesco Starace, CEO of Enel, says Europe has "structural issues" in its energy industry that can be resolved by creating a single market.
*Iraq exports 2.53 million bpd from southern terminals, near record. SINGAPORE, June 24- Brent crude slipped below $114 a barrel on Tuesday, as data showing near-record high oil exports from Iraq indicated supplies remained unaffected by the escalating violence at OPEC's No. 2 producer.
*Iraq exports 2.53 million bpd from southern terminals, near record. SINGAPORE, June 24- Brent crude slipped below $114 a barrel on Tuesday, as data showing near-record high oil exports from Iraq indicated supplies remained unaffected by the escalating violence at the OPEC's No. 2 producer.