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Crude Rallies After Storming of Iraq's Republican Palace


Crude rallied about 1$/bbl after reports that Sadr supporters stormed Iraq's Republican Palace according to AFP.

  • Shia infighting raises concerns over the stability of the country and its oil sector with much of Iraq's oil wealth located in predominantly Shia parts of the country.
  • Iraq in July produced approximately 4.4mbpd, the second largest in OPEC13 behind Saudi Arabia. Any escalation to violence could threaten a disruption to crude oil supplies.
  • Brent OCT 22 up 0.9% at 101.92$/bbl
  • WTI OCT 22 up 0.9% at 93.89$/bbl

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