Reply #9: Brent Crude Oil Climbs on Middle East Unrest, Norwegian Strike [View All]

http://quote.bloomberg.com/apps/news?pid=10000086&sid=aeDKR9Hmk4Gs&refer=latin_america

June 18 (Bloomberg) -- Crude oil futures rose to a two-week high in London amid concern violence in the Middle East and a strike in Norway will disrupt supplies as demand grows the most in more than two decades.

Attacks on pipelines earlier this week shut Iraqi terminals in the Persian Gulf that usually account for 90 percent of exports. Shipments may not resume until next week. Sabotage will probably increase before Iraq regains sovereignty from the U.S.- led coalition in less than two weeks, said Mike Stinson, the senior U.S. adviser to the Iraqi Oil Ministry.

``The terrorist threat is there to stay, and it could escalate instead of getting any better,'' said Rob Laughlin, a trader with GNI Ltd. in London. ``Iraq may go into anarchy and it could be causing us problems for some years to come.''

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Norwegian Strike

In Norway, the world's third largest oil exporter, about 200 workers have walked off the job at North Sea oil fields operated by Statoil ASA, ConocoPhillips and Exxon Mobil Corp, said Bjoern Tjessem, the deputy leader of the OFS labor union.

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``If the strike lasts for a couple of days, it won't have any major impact on supplies,'' said Veronica Smart, an analyst at the Energy Information Centre, a consulting company in Newmarket, England. ``If there is another explosion in Iraq, it may compound supply disruptions.''

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Refinery Unit Shut

Exxon Mobil Corp. on Thursday shut a gasoline-processing unit at its 538,000 barrel-a-day refinery in Baytown, Texas for unplanned repairs, Reuters reported, citing the Texas Commission on Environmental Quality. The unit, one of three at the plant, would be closed for at least two days, the report said.

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