Somshankar Sinha, Head of Oil & Gas Sector, Asia Ex-Japan Equity Research at Barclays, says higher oil and gas prices will support PetroChina's earnings, but warns of continued risks from its chemical unit.» Read More
*Brent hits 3- month high over $112 on Iraq supply worries. NEW YORK, June 12- Brent crude oil jumped 2 percent to above $112 a barrel on Thursday on mounting concerns that escalating violence in Iraq could disrupt oil supplies from the second-largest OPEC producer.
CNBC's Eamon Javers discusses President Obama's view on the Iraq situation and its effects on the global supply of oil.
CNBC's Michelle Caruso-Cabrera reports oil prices are escalating on fighting in Iraq.
American Airlines Group Inc, the world's largest carrier, tumbled 5.4 percent, while United Continental Holdings Inc 5.7 percent and Delta Air Lines Inc dropped 5 percent. Southwest Airlines Co and JetBlue Airways Corp were both down more than 4 percent.
NEW YORK, June 12- Crude oil prices spiked on Thursday on worries over supply as violence escalated in Iraq, while a worldwide equities gauge edged down after Wall Street opened lower.
CNBC's Jackie DeAngelis reports natural gas inventories are up 107 billion cubic feet.
*Brent hits 3- month high over $112 on Iraq supply worries. LONDON, June 12- Brent crude oil climbed towards $112 a barrel on Thursday on worries that escalating violence in Iraq could disrupt oil supplies from the major OPEC exporter.
*Brent touches three-month high above $111 on Iraq supply worries. LONDON, June 12- Brent crude jumped more than $2 to over $112 a barrel on Thursday on worries that escalating violence in Iraq could disrupt oil supplies from the major OPEC exporter.
*Brent touches three-month high above $111 on Iraq supply worries. SINGAPORE, June 12- Brent futures rose above $111 a barrel on Thursday on worries that violence in Iraq could disrupt oil supplies, while a steeper-than-expected draw in U.S. oil stocks further supported prices.
*Brent touches 2- week high at $110.40 on Iraq supply worries. SINGAPORE, June 12- Brent futures rose above $110 a barrel on Thursday on worries that violence in Iraq could disrupt oil supplies, while an unexpected draw in U.S. oil stocks further supported prices.
Sectarian violence in Iraq sent oil skyrocketing, propelling Brent and West Texas Intermediate up two percent.
Militants from an al Qaeda splinter group who seized Iraq's second biggest city of Mosul this week have advanced into the oil refinery town of Baiji.
Surging U.S. oil production was expected to send oil prices lower, but a confluence of geopolitical events could drive high prices even higher.
Discussing today's down day on Wall Street and how Iraq is impacting oil prices, with CNBC contributor Howard Dean; Stephanie Link; "Fast Money" trader Brian Kelly; and CNBC's Sharon Epperson.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. A mixed session today, as stocks were down. Oil was up slightly on the day, as inventories were down. Gold was flat on the day, as were copper prices.
CNBC contributor John Kilduff says oil could surge $5-$10 in short if the situation in Iraq worsens.
*Iraq city of Mosul falls to militants. NEW YORK, June 11- Brent oil futures rose toward $110 a barrel on Wednesday as violence in Iraq prompted worries about the supply outlook, while U.S. crude struggled to make gains near key levels of resistance.
Turkey has called for an emergency meeting of NATO to discuss the security situation in Iraq after militants took 80 Turkish citizens hostage.
CNBC's Jackie DeAngelis reports crude oil inventories are down 2.6 million barrels.
Stocks are calm, but investors need to be vigilant against complacency because it can lead to upheaval in the market, Goldman Sachs CEO tells CNBC.