Oil futures rise after Iraq exports halted

[leftchick]

http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1087373042484

The price of oil on Wednesday rose as Iraq's oil exports were halted due to sabotage, but went off the boil after Opec said it would keep markets supplied if a real shortage developed due to the problems in Iraq.

Front month Brent Crude rose 7c to $35.10 having been around 30c higher prior to the Opec's offer to cover any shortfall due to the attacks on the pipeline supplying the southern port of Basra. Nymex WTI added 7c to $37.26, having also been around 30c higher in the immediate aftermath of the attacks. It remains unclear when exports, running at 1.6m barrels per day, would restart. See more on pipeline attacks

Opec president Purnomo Yusgiantoro said the cartel would ask non-Opec producers to raise oil output in an attempt to lower prices. Russia said it could not boost exports and with other non-Opec producers running close to capacity, it is thought unlikely much extra supply will come to the market.

[Dover]

1. Doesn't seem the oil investors and companies can lose. They make $

when the oil is flowing a even more when it stops.

[Wednesdays]

2. What's the stock market ticker symbol for oil futures?

I'd like to keep tabs on it.