Oil Rallies as Militant Advance in Iraq Threatens Crude
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West Texas Intermediate crude headed for the biggest weekly advance since December and Brent gained as escalating violence in Iraq threatened supplies from OPEC’s second-largest oil producer.
Futures pared gains after earlier rising 1.1 percent in New York. Iraqi Oil Minister Abdul Kareem al-Luaibi speculated that U.S. planes may bomb his nation’s north as militants linked to al-Qaeda, that captured the city of Mosul this week, moved south toward Baghdad. Events in Iraq highlight the risks to oil supply from the nation, which is forecast to provide about 60 percent of OPEC’s output growth in the rest of this decade, the Paris-based International Energy Agency said.