U.S. crude futures were trading close to nine-month highs above $107 a barrel on Monday amid mounting concerns over Iraq as Sunni insurgents moved towards Baghdad, seizing more towns on Sunday.
The United States is scheduled to discuss possible supply disruptions due to the Iraq crisis with Gulf states later this week.
U.S. crude for August delivery rose 40 cents to $107.23 at 0100 GMT, after closing at $106.83 in the previous session when July’s contract expired. July expired at $107.26.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.