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Oil Prices Grow After Missile Attacks in Baghdad

Oil prices grew on Thursday amid new concerns of a Middle East conflict after a missile attack in Baghdad.

The March futures for international benchmark Brent grew by 0.81 percent, to touch $65,97 per barrel, while U.S. WTI light crude with delivery in February added 0.79 percent, to $60.06 per barrel at 0849 GMT.

oil rates growPhoto: Flickr

One should remind, that oil rates dipped considerately during the previous session with Brent sliding by 4.1 percent and WTI tumbling by almost 5 percent. 

Late Wednesday night, two missiles fell in so-called “green zone,” a specially protected area in Baghdad, the Iraqi military said. According to some sources, at least one of the missiles dropped 100 meters from the U.S. embassy. No one was injured.

Investors also estimate the data released on the eve of the U.S. EIA, which indicated an increase of 1.16 million barrel in oil inventories for the week, which ended on January 3, while the market expected a decrease in reserves by 3.57 million barrels.

Gasoline stocks grew by 9.14 million barrels, distillate inventories added 5.33 million barrels, though analysts had expected gasoline inventories to increase by 2.65 million barrels, and distillate inventories to grow by 3.87 million barrels.

Meanwhile, experts at J.P. Morgan confirmed the previous forecast for Brent brand prices at $64.50 per barrel for the current year.