Iraq Still Under Attacks, Oil Prices Rise

Finally, oil prices recovered today, because traders realized a series of violence in Iraq, especially in its oil industry, that has halted the country's oil exports and ? the latest news ? left a top Iraqi oil official dead.

London ? futures markets, the benchmark crude for July delivery rose 21 cents to $37.40. Crude futures fell 40 cents in New York trading June 15 as traders took profits from a rally impelled by the first reports of the attacks.

There were five pipeline attacks in the last five weeks in Iraq. Iraqi officials confirmed June 15 that the latest attack had halted exports as an antiquated backup pipeline failed to cope with the additional pressure.

The International Energy Agency says total Iraqi oil production in May was at 2.1 million barrels per day, 700,000 barrels per day below capacity.