Oil rises on Iraq unrest as demand concerns set aside

by **claud39** Tue Oct 08, 2019 7:10 am

Oil rises on Iraq unrest as demand concerns set aside

08/10/2019

Oil rises on Iraq unrest as demand concerns set aside 17475

Economy News _ Baghdad

NEW YORK (Reuters) - Oil prices rose on Tuesday, as supply concerns were fueled by unrest in crude producers Iraq and Ecuador as demand concerns were set aside as investors awaited the outcome of US-China trade talks this week.

By 0652 GMT, Brent crude rose 44 cents, or 0.8 percent, to 58.79 dollars a barrel, while US West Texas Intermediate crude rose 42 cents, or 0.8 percent, to 53.17 dollars a barrel.

Investors are cautious ahead of US-China talks due to be held in Washington on Thursday, although they are not expected to produce a comprehensive deal to end a trade war between the world's two largest economies.

Protests in Iraq and Ecuador have threatened to disrupt production from both members of the Organization of the Petroleum Exporting Countries (OPEC).

The death toll in Iraq, OPEC's second-largest producer, rose after a week of unrest.

Ecuador's energy ministry, one of OPEC's smallest producers due to leave the cartel next year, said protests against austerity measures could cut its oil output by 59,450 barrels per day.

http://economy-news.net/content.php?id=17972