Saturday, September 25, 2021
84.9 F
Fort Worth

Oil near 9-month high as Iraq battles for refinery

🕐 1 min read

HONG KONG (AP) — The price of oil was little changed with global crude a near nine-month high Friday, following days of fighting between Iraqi soldiers and Islamic militants for control of the country’s biggest refinery.

Iraq’s government was desperately trying to hold off the extremists at the Beiji oil refinery and by late Thursday the two sides held different parts of the refinery, which extends over several square kilometers of desert some 250 kilometers (155 miles) north of Baghdad.

The facility has a capacity of 320,000 barrels a day, according to Platts, accounting for a quarter of Iraq’s refining capacity. While all its output is used domestically, a prolonged shutdown could force the energy producer to import oil products to keep up with the country’s needs, cutting into global supplies.

The price of U.S. benchmark crude for August delivery rose 2 cents to $106.07 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, slipped 12 cents to $114.94 a barrel in London, after setting a nine-month high the day before.

In other energy futures trading on the Nymex:

— Wholesale gasoline fell 0.6 cent to $3.09 a gallon.

— Natural gas rose 0.4 cent to $4.59 per 1,000 cubic feet.

— Heating oil fell 0.4 cent to $3.06 a gallon.

 

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

Related Articles

Our Digital Sponsors

Latest Articles

Not ready to subscribe?

Try a few articles on us.

Enter your email address and we will give you access to three articles a month, to give us a try. You also get an opportunity to receive our newsletter with stories of the day.

Get our email updates

Stay up-to-date with the issues, companies and people that matter most to business in the Fort Worth.

  • Restaurants
  • Technology
  • and more!

FWBP Morning Brief

FWBP 5@5

Weekend Newsletter

  • Banking & Finance
  • Culture
  • Real Estate