Islamic State insurgents on Saturday seized a small crude oil station near the northern Iraqi city Kirkuk where 15 employees were working, and explosions in and around the capital Baghdad killed at least nine people.
Oil rose above $49 a barrel on Friday, supported by renewed violence in Iraq but with a persistent global supply glut keeping the market on course for a seventh straight month of declines, its longest bear run on record.
There will be further short-term weakness in the price of crude oil, UBS Wealth Management's latest research has revealed.
But it indicates that gains in the latter half of the year will take the price to between $67-72 per ba
Oil fell more than 1 per cent on Wednesday as the dollar strengthened in early Asian trade, while an industry report showing a larger-than-expected rise in US crude inventories also dragged on prices.
Crude futures settled up more
Oil slid in early Asian trade on Monday, with US crude falling close to a six-year low, after Greece's election results heightened uncertainty in the euro zone and depressed the bloc's currency against the dollar.
Oil prices dipped early on Thursday ahead of the expected announcement of a bond-buying programme by the European Central Bank (ECB) later in the day that could push the dollar to new highs and put downward pressure on commodities.
Slumping oil prices are shutting the door to stock market listings for small oil and gas firms, forcing many to tap more costly forms of financing or to shelve projects and wait for better times.
Initial public offerings (IPOs) in
Brent crude oil prices fell below $50 a barrel on Monday after Iraq announced record oil production and the global economic outlook darkened.
Iraqi Oil Minister Adel Abdel Mehdi said on Sunday Iraq pumped 4 million barrels per day
Oil prices fell in early Asian trade on Monday, with markets expecting gloomy Chinese economic data to be published this week.
Chinese new home prices fell an average 4.3 per cent year-on-year in 68 of the 70 major cities monitore