Iraq crisis News

Gunmen have kidnapped an Iraqi female journalist after posing as members of the security forces and bursting into her home in Baghdad, authorities said on Tuesday.

The dollar stabilised on Monday morning, following a sharp drop against the yen after last week`s announcement that US President Barack Obama had authorised air strikes in Iraq.

Gold prices zoomed to a three-month high Friday, crossing Rs 29,000 per 10 gram in major cities across the country on global cues.

The difference between the cost of diesel production and the retail selling price had more than doubled to Rs 3.40 a litre in the first half of July.

Easing worries over possible disruptions to supply from the conflict in Iraq also dragged on prices.

The hardening of international oil prices and market expectations on the same could be the main reason that led to the depreciation of the rupee.

Equity markets in Germany, France and Britain all dropped.

German industrial production fell for the third month in a row in May, hit by calendar effects and uncertainty about the economic fallout from the Ukraine and Iraq crises, data showed Monday.

World oil prices slipped Tuesday on profit taking and marginally easing concerns about the Iraq crisis, while in the US a storm sparked fears about lower gasoline demand.

Price of non-subsidised cooking gas (LPG) was Tuesday hiked by Rs 16.50 per cylinder and that of jet fuel by over half-a-per cent after international oil prices surged due to the ongoing Iraq crisis.

Oil prices rose in Asia Tuesday as dealers made the most of a weakening dollar while keeping an eye on continuing fighting in Iraq, analysts said.

Government bond yields ended little-changed on Monday, ending their worst month in seven as the violence in Iraq has threatened to push up global crude oil prices and lead to a spike in domestic inflation.

Oil prices eased in Asia Monday on softer US demand, but tensions in the Middle East where jihadists have declared an Islamic state straddling Iraq and Syria will likely keep prices high, analysts said.

Brent crude steadied above USD 113 a barrel on Friday, holding on to most of previous session`s losses and heading for the biggest weekly loss since March.

Retreating from one-week highs, the benchmark Sensex on Wednesday closed about 55 points down at 25,313.74 on weak global cues due to deepening Iraq crisis and caution ahead of the expiry of June derivative contracts.

The Centre on Wednesday said the situation in Iraq was a matter of concern and hoped that the turmoil in the Gulf country will not affect the oil supplies to India.

Brent crude slipped below $114 a barrel on Wednesday as the risk of supply disruption in Iraq appeared to recede and after a rise in U.S. inventories pointed to ample stockpiles for the world`s biggest oil consumer.

The BSE Sensex is down 0.04 percent, while the Nifty is lower 0.06 percent as caution ahead of the expiry of June derivatives on Thursday and concerns around Iraq cancel out the impact of buying by foreign investors

Brent crude inched lower on Wednesday, but held close to a nine-month high above $114 a barrel as Sunni insurgents battled government forces for control of Iraq`s biggest refinery.

Asian shares were on the back foot early on Wednesday, taking their cue from Wall Street as the deepening crisis in Iraq and a report that the U.S. could be loosening restrictions on crude exports triggered a rally in oil prices.