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Oil up as U.S. looks to Iran over Iraq

2014-06-16 102 Dailymotion

Shias volunteer to fight in Basra - there's going to be no quick fix to the crisis in Iraq.<br /> <br />That's sent oil prices rising again - Brent Crude almost touching $113 a barrell.<br /> <br />Eugen Weinberg is Head of Commodity Research at Commerzbank.<br /> <br />(SOUNDBITE) (German) HEAD OF COMMERZBANK'S COMMODITY RESEARCH, EUGEN WEINBERG, SAYING:<br /> <br />"Iraq is one of the world's most important oil exporters and producers. It is now number two within OPEC behind Iran. Even a small reduction of Iraq's output will have a huge impact on the oil price. We already have several other conflicts. The situation in Libya has deprived the market of 1.5 million barrels a day and another half a million barrels are missing due to sanctions against Iran ."<br /> <br />But Iran is now touted a possible solution to the crisis caused by the advance of Sunni militants.<br /> <br />There's even talk of talk between Iran and the U.S.<br /> <br />Darren Sinden from Titan Investment says that would have been unthinkable a few months

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