Iraq fighting could push oil prices above $140 a barrel | The National

Iraq fighting could push oil prices above $140 a barrel | The National:



"Fears that the Islamist-led insurgency in Iraq could incite an oil price shock increased as fighting continued yesterday for control of the country’s biggest oil refinery.



Fighters from the Islamic State of Iraq and the Levant (ISIL) launched an attack on the Baiji refinery in northern Iraq last week as part of a wider insurgency that has also seized the second city of Mosul.



Economists fear that global oil prices could jump to as much as US$140 a barrel if oil production levels in Iraq fall because of the violence – a new threat to the global economy."



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