After the continuance of the Iraqi conflict and the occupancy of the Bayji refinery which produces 300.000 barrels per day, things are not looking good. What will happen next?
The US government and the Iranian one are both consensual in resolving this conflict that has devastating effects not only on Iraqi economy and the welfare and safety of Iraqi people but also on the world economy and the fluctuating oil prices.
The main issue right now is what kind of approach will foreign governments take in resolving this urging issue, especially meaning on Iranian government, which is not too prone to the current prime minister, Nuri al-Maliki, although a ruling member of the Shi’ite parties. That’s why the militants are boosting more and more with confidence which resulted in seizing the city of Mosul by virtually marching into the city.
“Oil prices are continuing to rise since the reports coming from the field are not really encouraging”, says Ole Hansen from Saxo Banks.
Although Iraqi export is currently under control, the market is taking into consideration the implications of the possible escalation of the conflict that threatens Iraqi future supply. Reports say that 90% of the Iraqi export goes through the south of the country and that the probability of the Sunnis attack into that area is likely probable.
Oil prices on London market was 115,06 $ per barrel while in the US it was traded at 107,04$. What will happen to the price if the Iraqi conflict doesn’t get proper attention from Washington and Tehran, will Prime Minister Maliki get the third term if no one helps and what effect will that have on global level? It is up to us to use this information to trade profitably with Oil and Gas!
How can you capitalize trading Binary Options on oil prices? Is this easy money?
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