Crude oil futures spiked up again after three consecutive days of modest decline with deteriorating condition in Iraq increasing concerns over disruption in oil supplies, after the ongoing conflict between militants and government forces intensified. Meanwhile, the US announced that it stood ready to take action if need be. Though, concerns the crisis will escalate and disrupt oil production sent prices higher. There was some positive economic news that capped the gains, number of individuals filing for initial jobless benefits in the week declined by 6,000, while the Federal Reserve Bank of Philadelphia said that its manufacturing index rose to an eight-month high of 17.8 in June.
Benchmark crude oil futures for July delivery, gained $0.46 or 0.5 percent to close at $106.43 a barrel after trading in a range of $106.69 and $105.32 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for August delivery gained 1.01 percent to $115.42 a barrel on the ICE.
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