Outside of the US, there is a deterioration of stability in many oil-producing regions, aggravating risks for both oil companies and the oil market.
Iraq Mining News
On August 28th while the geographical area formerly known as Iraq descended further into chaos, President Obama announced to the world "We don't have a strategy, yet."
The current stock market is earning a deserved reputation as being coated in Teflon. Bad or disappointing news just doesn't appear to stick, and has done nothing to slow the market's upward trajectory.
Near one-month high on chaos in Iraq, threats of Russian invasion of Ukraine and a sharp pullback in equities.
But the International Atomic Energy Agency (IAEA) failed to disclose what the missing materials were, or whether it knew about them before they disappeared.
U.S. data, ECB meeting also in spotlight.
Since 1970 the average number of barrels of oil can that can be bought with one ounce of gold is 15. The ratio has now fallen to below 12.
Its total reserves stand now at 65.8 tonnes, making it the 43rd biggest official sector bullion holder in the world.
World oil production rose about 2.5% last year, from 4,019 million tonnes in 2011 to 4,119 million tonnes in 2012.
The Baghdad-Erbil oil standoff will escalate as the Iraqi Kurds sell their first crude oil.