Last minute… Iraqi rise in oil! Prices change fast

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Iraqconfusion in oil negatively affected their prices. Brent crude rose above $103. Internal turmoil in Iraq commodity began to destabilize prices.

After Sadr quit politics in Iraq, Sadr supporters raided the government and presidential palace.

In the clashes that took place after the raids, 13 people were killed and 350 injured. A curfew was declared across Iraq.

OIL PRICES ARE NEGATIVELY AFFECTED

Iraq, one of the largest oil producers in the world, has oil reserves of around 150 billion cubic meters. Oil prices started to rise due to the possibility of problems in extracting oil reserves due to internal turmoil.

Brent oil opened at $102.76 today. It hit a daily low of $98.25. The highest is 103.22 dollar level up. It is currently trading at the $103 limit. In other words, prices fluctuated around 5 percent during the day.

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USA’s STRATEGIC RESERVES IN 38 YEARS

The strategic oil reserves of the USA also fell to the bottom of 38 years and amounted to 450 million barrels. After the rise in oil prices, the USA opened its strategic oil reserves to use.

THE RUSSIA-UKRAINE WAR IS ALSO EFFECTIVE

Energy prices are also high due to the war between Russia and Ukraine. While the European Union countries, which are against Russia, one of the world’s largest energy exporters, enter into an energy bottleneck, the Russian side continues to sell natural gas in rubles. Countries that want to buy natural gas from Russia can open an account at Gazprombank, exchange foreign currency, convert it to Ruble and supply natural gas.

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