Oil edges up on Iraq exports woes

LONDON – US oil prices rose yesterday as Iraq’s oil exports continued at more than 30 per cent below normal after sabotage attacks on pipelines.

U.S. light crude climbed 29 cents to US$43,47 (N$287) a barrel, following a string of losses last week. Iraqi oil exports ran at a reduced 1,4 million barrels per day (bpd) yesterday, compared with two million bpd a week ago, and an Iraqi oil official said work to repair sabotaged pipelines would take five days.Firefighters on Sunday battled to put out a blaze in the South Rumaila oilfield after spilt oil and gas from damaged pipelines ignited.Turmoil in Iraq and frequent attacks on oil infrastructure have been a major factor in underpinning the sharp rally in crude prices this year.-Nampa-ReutersIraqi oil exports ran at a reduced 1,4 million barrels per day (bpd) yesterday, compared with two million bpd a week ago, and an Iraqi oil official said work to repair sabotaged pipelines would take five days.Firefighters on Sunday battled to put out a blaze in the South Rumaila oilfield after spilt oil and gas from damaged pipelines ignited.Turmoil in Iraq and frequent attacks on oil infrastructure have been a major factor in underpinning the sharp rally in crude prices this year.-Nampa-Reuters