West Texas Intermediate headed for the biggest weekly gain this year as violence escalated across northern and central Iraq , OPEC’s second-biggest oil producer. Futures rose for a third day in New York after advancing 2 percent yesterday, the most in two months. Militants linked to al-Qaeda extended control over Mosul, the nation’s second-largest city, and moved south toward Baghdad as Oil Minister Abdul Kareem al-Luaibi said U.S. planes may bomb northern Iraq. The OPEC member produced 3.3 million barrels a day last month, data compiled by Bloomberg show. WTI for July delivery climbed as much as 0.4 percent to $106.98 a barrel in electronic trading on the New York Mercantile Exchange and was at $106.95 at 8:56 a.m. Sydney time. The contract rose $2.13 to $106.53 yesterday, the highest close since Sept. 18. The volume of all futures traded was about 63 percent below the 100-day average. Prices […]