The Traderszone Network

Published in TZ Latest News 5 March, 2015 by The TZ Newswire Staff

Brent climbs above $61 on Mideast supply concerns

Brent crude rose above $61 a barrel on Friday amid geopolitical tensions in Libya and Iraq, while traders eyed U.S. rig counts and the outcome of Iran nuclear talks for further trading cues. Fighting has escalated in northeast Iraq where the Islamic State militants have lit up oil wells to deter Shi’ite militiamen and Iraqi soldiers from advancing. “Keeping an eye on production in that region, there are escalating tensions there that could push the spread back through that $13-$14,” said Jonathan Barratt, chief investment officer at Ayers Alliance Securities in Sydney.

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